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 correcti
Źródło: https://coingape.com/bitcoin-btc-tanks-30000-next-support-levels/
