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Bitcoin Drops Below $30K for First Time in 4 Weeks
Wall Street is seeing "too much froth" and current virus jitters are triggering widespread panic selling of every top performing asset, including bitcoin, said one analyst.
Von Lyllah Ledesma
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Bitcoin dropped below $30,000, breaking below a trading range that had held for the past four weeks and potentially setting up the largest cryptocurrency for deeper price declines.
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The cryptocurrency was trading around $29,998 at press time and is down about 5% over the past week.
Bitcoin has been locked in the broad price range of $30,000 to $40,000 since mid-May, and briefly broke below the $30,000 mark on June 22. The cryptocurrency fleetingly traded at $29,700 a day after the People’s Bank of China ordered the country’s major financial institutions to stop facilitating crypto transactions.
"I am expecting a strong dip towards $22K," said Patrick Heusser, head of trading at Crypto Finance AG, in a telegram interview on Monday.
Wall Street is seeing "too much froth" and current virus jitters are triggering widespread panic selling of every top performing asset, with bitcoin being right at the top of this list, according to Edward Moya, senior market analyst at Oanda.
Moya said that bitcoin could be vulnerable to a flash crash towards the $20,000 level, which "should attract many institutional buyers that have been waiting patiently on the sidelines,"
"If the stock market sell-off intensifies, bitcoin and ethereum will easily extend their declines," said Moya.
Katie Stockton, founder and managing partner of Fairlead Strategies, said the consolidation phase bitcoin is currently experiencing is "neutral."
But in her view, "a breakout is more likely than a breakdown.”
Read more: Bitcoin Drops as Investors Buy $22K and $20K Puts
In April, the Bitcoin network was "so vibrant, it wasn’t difficult supporting prices above $50K," said Charles Morris, founder of ByteTree Asset Management.
However, in recent weeks, Morris said, the level of network activity has collapsed.
"Now it is more in keeping with a $15K bitcoin price than a $50K," he said.
Bitcoin peaked just below $65,000 in mid-April.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin hash rate slides during U.S. winter storm while markets shrug off mining disruption
The temporary loss of mining power underscores academic concerns that geographic and pool concentration can magnify infrastructure failures, though markets showed little immediate reaction.
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- Bitcoin’s hashrate fell about 10 percent during a U.S. winter storm, underscoring how local power disruptions can strain the network’s capacity to process transactions.
- Researchers have shown that concentrated mining, as seen in a 2021 regional outage in China, can lead to slower block times, higher fees and broader market disruptions.
- With a few large pools now controlling most of Bitcoin’s hashrate, the network is increasingly vulnerable to localized infrastructure failures, even as the price of BTC remains largely unaffected in the short term.
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