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Bitcoin Tumbles Back Below $30K as Bullish Momentum Wanes
Over $200 million in positions have been liquidated following a second sharp drop for bitcoin in seven days.
Por Oliver Knight
Bitcoin fell 5.58% in the last few hours and is currently trading at $29,500 after the daily candle close.
- The move mimicked the price action on June 1 when the world's largest cryptocurrency tumbled from $32,000 to below $30,000.
- Despite the drop, bitcoin remains in a relatively tight trading range of $32,000 to $28,000, with price rarely deviating since early May.
- The lack of volatility has translated to a slight decline in trading volume, with bitcoin rarely exceeding $30 billion in daily volume.
- More than $218 million worth of positions on derivative exchanges have been liquidated in the past 24 hours, according to Coinglass.
- The cryptocurrency once again showed positive correlation to equities during the sell-off, as Nasdaq futures experienced a 0.95% decline at the same time as bitcoin's plunge from $31,600 to $29,000.
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