Is the bitcoin crash over?
Has Bitcoin’s Big Crash Last Month Stopped? As experts say there are buybacks in the market, the leading cryptocurrency is struggling to scale above $30,000. Here is the latest situation in the market…
ended for the past few days while Bitcoin settled just below the $30,000 mark. Investors are wondering which direction the leading cryptocurrency will take if it attempts to surge above this level.
The downtrend in cryptocurrencies, which experienced a major earthquake last May, halted in June.
Over the past month, with the decline of cryptocurrencies like Bitcoin, Ethereum, Tether, which topped CoinMarketCap, the market has lost value, falling to their lowest level in 10 months.
The price of Bitcoin, the world’s largest cryptocurrency, fell almost 30 percent in May. Bitcoin has fallen below $30,000 and lost half of its value compared to November 2021 levels. In the last few days of May, cryptocurrencies were seen to have stopped their downward trend, gaining more than 4 percent and reaching a market size of $1.25 trillion.
In June, the leading cryptocurrency, which has been trading just below $30,000, traded above $30,000 on Friday before leveling off at $29,000. While Bitcoin was at these levels, Ethereum continued its levels below the $1800 level.
Bybit Turkey Research Manager Beste Naz Süllü said in her assessment on the last business day of last week: “When we examine the data, it may even show that there is a bottom in the $26k-$27k range in bitcoin .”
Süllü made the following assessments:
“Of course, this scenario will be supportive unless there is an important macro variable. According to chain data, the amount of bitcoin held on exchanges will, miners and whales not selling extremely important factors.In addition, bitcoin purchases continue from shrimp accounts to whale accounts.
A major downside of the on-chain data is that investors are still selling at a loss (NUPL). This means future prospects are bleak and they are selling bitcoin for their cash needs or other investment vehicles.”