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The world’s largest crypto Bitcoin (BTC) continues its downward journey falling under it another crucial support of $30,000. At press time, Bitcoin is down 6.09% trading at $29,598 with a market cap of $555 billion.
The price crash comes as the unique number of addresses interacting with the Bitcoin blockchain has been on a constant decline since mid-May 2021.
As per crypto analyst Lark Davis, nearly 11% of the Bitcoin supply transacted between $31k and $34k. The analyst notes that panic selling has triggered further downfall in the Bitcoin price which could lead to a cascading effect.
10.5% of the total supply of #bitcoin was transacted between 31 and 34k.
That means a lot of BTC could be panic sold if we head lower which of course ends up having a cascading effect as more panic sellers create more panic sellers. pic.twitter.com/FyheU3Ugz4
— Lark Davis (@TheCryptoLark) July 20, 2021
The $30K support was crucial for Bitcoin to hold. Technical charts suggest a successive correction for a dip under the next support levels. The next consecutive Bitcoin support levels to watch out for are $28K, $26K, $22K, and $19K.
$BTC support levels. 28k -> 26k -> 23k -> 19k. Let's just hope that if it happens, it happens quickly. #BTC #Bitcoin pic.twitter.com/USUG4hIekM
— buckwhitzer (@buckwhitzer) July 20, 2021
Crypto Market Down 7% Losing $100 Billion
The story is building up further…..
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