Bitcoin Loses Key US$ 30K Level

Posted on 07/25/2023

Bitcoin has fallen below US$ 30,000 this week after the key level proved too much for the cryptocurrency for the third time since June 2022. Bitcoin broke above the level in April, but quickly fell until its recent rise. With three failed attempts already, this will be a closely watched resistance level. It comes as altcoins such as Dogecoin, and new coins, including Worldcoin, gain market share. Many had thought the slew of applications for new bitcoin ETFs, i.e. BlackRock’s and Fidelity’s, with the SEC would encourage market participation. Yet it appears the frenzy for new coins or Elon Musk-linked coins has reached into the pockets of bitcoin’s coffers. Ether and other more established coins are also down this week.
Bitcoin is trading at US$ 29,204.

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