Bitcoin Recent Drop Below $30K Decreased $80 Billion From Crypto Market

As the effects of the recent bloodbath in the crypto market started vanishing, the fledgling Bitcoin, after a long time, reached near the $32,000 level yesterday. But again, it failed to hold above $30,000. Following nine red weekly candles, BTC retested $31,700 in the first green week on June 06 and then plummeted sharply in the next 24 hours at $29,000. Fortunately, BTC’s price is rising again and currently trading above $31,000. The fall of the fledging coin leads altcoins to face dumps, too, mainly affecting the prices of SOL, AVAX, and BNB. Related Reading | Institutional Investors Refocus On Bitcoin As Market Losses Intensifies Continuos price drops, which nearly declined the asset by over 6%, signified that investors were taking profits after a long-lasting bearish trend. In the prior uptrend of BTC price in the last days of May, the Bitcoin bulls pushed the price upward to the $32,000 level from $30,000. A day after claiming the new high, BTC fell around $29,000 again on the next day. Again, seeing an uptrend in the price for the past few days, the digital asset started to lose its value on June 07. However, in the previous weekly green candle, BTC’s price remained above and beneath $30,000. When the most recent downtrend started, Bitcoin’s value bounced below $32,000. At a time when investors were expecting another leg up, it continued falling and lost around $3,000 from its value in just hours. Investors s...