Bitcoin Rate Keeps Dropping Below 30,000 USD
The exchange rate value of the world's main cryptocurrency continues to fall below the important 30,000 USD support level. At the morning of July 20, the decline was 5.3%, and BTC itself is trading at 29,600 USD.
Analysts expect a falling rate to 22 thousand and even lower. This is due to the fact that a fairly massive sale of the asset began, which caused a slight panic among smaller holders.
In April, the Bitcoin network was at the peak of its activity, which allowed it to keep the value of BTC above 50 thousand USD. However, the mass migration of miners from China, the falling network’s complexity and other metrics indicate that the price of 15-20 thousand per coin is more reasonable for now.
10.5% of the total bitcoin supply spent between 31 and 34 thousand. Accordingly, there are grounds for further panic selling.
There was also a recalculation of complexity, which fell to January 2020 figures. (13,6 T). There is no positive news around the main cryptocurrency and related assets, such as stable coins.
At the same time, rolling back to 20 thousand will allow serious institutional investors to buy. However, this could also happen by mid-autumn. So far, $5.3 billion in transactions per day pass through the Bitcoin network, versus $15.5 billion at the peak in 2021.