Bitcoin price falls below $33,000

Bitcoin fell below the $33,000 mark after a prolonged period of sideways movement. As a result, the rest of the market was also in the ‘red zone’.

The chart below shows that the downside move was supported by rising trading volumes.

Below is the top twenty by market capitalisation.

Among the top 20, the steepest declines were shown by relatively new assets — Solana, Polygon, Polkadot. Bitcoin and Ethereum fell by 10.2% and 11%, respectively.

The price of the second-largest cryptocurrency fell below $2,500. Against this backdrop, the average gas price declined to 11 Gwei.

Total market capitalisation stood at $1.53 trillion. Bitcoin’s dominance index was 39.8%.

Liquidations in the last 24 hours totalled $1 billion, according to Bybt.

The Fear & Greed Index fell to 13, indicating panicked sentiment among investors.

According to analyst Michaël van de Poppe, the $30,000 level would provide reliable support for Bitcoin. He suggested a price reversal from that level.

Earlier, the number of Bitcoin transactions fell to levels seen in mid-August 2018, when the bear market was at its height.

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