Advertisement
AD

Main navigation

Advertisement

Bitcoin Collapses to Lowest Level Since Early March. Is $30,000 Next?

Advertisement
Fri, 23/04/2021 - 4:30
Bitcoin Collapses to Lowest Level Since Early March. Is $30,000 Next?
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Bitcoin, the largest cryptocurrency, has collapsed to its lowest level since March 6, touching an intraday low of $48,338 at 2:26 a.m. UTC on the Bitstamp exchange. 

Advertisement

As reported by U.Today, both cryptocurrencies and U.S. stocks took a U-turn after President Joe Biden's new tax proposal came to light. Even though Goldman Sachs believes that its chances of passing Congress are slim, the 43.4 percent capital gains tax rate has managed to spook the markets.

Related

More downside on the cards

Bitcoin thrives on volatility, and all of its recent crashes ended up being "buy the dip" opportunities. However, Analysts believe that it's not an ordinary Bitcoin sell-off, and the largest cryptocurrency will find it hard to bounce back this time around. 

Advertisement

Delta Exchange CEO Pankaj Balani recently told Bloomberg that the top coin had slipped below its critically important 50-day moving average for the first time during this rally. Hence, he's predicting more downside:  

Bitcoin has slipped below the 50-day moving average support that it held sacrosanct through this rally. It looks like there is more downside here.

In his LinkedIn post, TD Ameritrade anchor Oliver Renick writes that Bitcoin has run out of steam. Due to its declining momentum, Bitcoin has had a downside break from its massive rising wedge pattern that had been forming since the start of 2021.            

Article image
Image by linkedin.com

Renick believes that $30,000 is now a reasonable target for Bitcoin bears, but he doesn't rule out that the cryptocurrency could plunge back below $20,000: 

I'm not totally sure where that is here, as you could theoretically draw that bottom line all the way back to sub-20k, but $30,000 seems like a reasonable target. Given how important that huge move around Tesla's balance sheet announcement was, it will be crucial to see how well bitcoin can hold support at $45,000.          

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD