Bitcoin price drops below $33,000

June 8, 2021

Bitcoin price drops below $33,000

The first cryptocurrency fell below $33,000 after a prolonged sideways price movement. As a result, the rest of the market was also in the red.

The chart below shows that the downward movement was supported by rising trading volumes.

Among the top 20, relatively new assets Solana, Polygon and Polkadot showed the deepest declines. Bitcoin and Ethereum fell 10.2% and 11%, respectively.

The price of the second most capitalised cryptocurrency fell below the $2,500 mark. Against this backdrop, the average price of gas dropped to 11 Gwei.

The market has a total capitalisation of $1.53 trillion and a bitcoin dominance index of 39.8%.

Liquidations in the last 24 hours amounted to $1bn, according to Bybt.

The Fear & Greed Index fell to 13, indicating panic mood among investors.

According to analyst Michael van de Poppe, the $30,000 level is a solid support for bitcoin. He has suggested a price reversal from that level.

Scenario 2 on #Bitcoin.

We break below $34K and then we're going to tap into support for a bullish divergence and to tap the liquidity before reversing the markets.

Many #altcoins show the same opportunity then.

— Michaël van de Poppe (@CryptoMichNL) June 7, 2021

Find out our professional review on bitcoin loophole platform.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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