Late Monday, Bitcoin fell below $30,000, breaking a key price barrier, before recovering somewhat early Tuesday.
The world’s most popular cryptocurrency was more than 12% down on the day at its lowest point, and more than 56% lower than its all-time high of over $69,000 in November. According to Coin Metrics data, it rebounded from those losses and was trading at $31,836.24 at 3:45 a.m. ET Tuesday.
The last time bitcoin fell below $30,000 was in July 2021, when the digital currency fell to $29,839.80. To avoid further worsening of technical sentiment, Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank, recently told CNBC that bitcoin would need to sustain a crucial psychological price level of $33,000.
