Bitcoin has failed the $30,000 support level


On the evening of July 6, the price of the first cryptocurrency dropped to $29,920, breaking through the psychological support level.

Hourly BTC/USDT chart on Binance exchange. Data: Trading View.

The fall in quotes occurs quickly and is accompanied by a surge in trading volumes.

Following bitcoin, almost all assets from the top 10 by capitalization turned out to be in the red zone.

Top assets by market capitalization. Data: CoinGecko.

Trader Michael van de Poppe said the markets are now expecting a rate hike on positive US unemployment data. In his opinion, if digital gold fails to recover to previous levels, the asset may fall even lower – to $28,500.

Data: Twitter.

According to Reuters, the number of employees in the private sector increased by 497,000 in June. Analysts initially predicted a smaller increase of 228,000 jobs. This indicates the stability of the market, despite the growing risks of a recession.

Recall, ARK Invest experts reported that the volume of bitcoins that have been stationary for more than a year has reached a historical maximum of 70% of the total market supply of the coin.

Block Scholes experts also recorded the loss of correlation with the US stock market for the first cryptocurrency – the 90-day moving average of the coefficient dropped to almost zero.

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