The price of the leading cryptocurrency, Bitcoin [BTC], fell below $31k, support today on Monday after sideways trading gave an additional downside pressure.
Coming just a day after Bitcoin’s lowest weekly close since December last year, the worth action underscored the sensitivity of a market with low volume and network fundamentals still in their recovery phase.
Traders had broadly predicted a move downward after Bitcoin had did not hold on to support levels above, with the integrity of $30k itself being referred to as into the question.
“Volatility, finally for Bitcoin,” in-house trader and analyst Michaël van de Poppe summarized.
At the time of reporting, BTC/USD is presently trading at $30,700 USD with daily losses at around 3%. A look at buying and sell orders on the leading cryptocurrency exchange Binance revealed considerable demand remaining at $27k and upward, reducing the likelihood of a deeper dive beyond that area.
Among market participants, it had been all about catching the likely price bottom.
Earlier, van de Poppe had also suggested that the last BTC floor price might not come as a result of a sudden dive or have clearly defined characteristics.
A daily close beneath $31k, nonetheless, has not yet been recorded since January.