Bitcoin price falls below $30,000

The flagship cryptocurrency slipped below the $30,000 mark. Over the past seven days, Bitcoin’s market value has fallen by 10.6%, according to CoinGecko.

At the time of writing, BTC is trading around $29,700. The chart below shows that the previous local low was reached on June 22 at $28,805 (Binance).

Declines in many coins exceeded 10% in the last 24 hours. Here is the top ten by market capitalisation among crypto assets:

Polkadot fell the most over the last 24 hours — down 14.7%. In the same period, Bitcoin’s price declined 6.9%, Ethereum by 8.5%.

The cryptocurrency Fear and Greed Index fell to 19, indicating panicked sentiment among market participants.

Journalist Colin Wu pointed out that the BTCUSD futures price on OKEx is below the current spot price, while the spread continues to widen. In his words, this is a “sign of waning investor confidence.”

According to Glassnode, there is ongoing outflow of Bitcoin, Ethereum and the stablecoin Tether (USDT) from centralized exchanges. This points to potentially easing selling pressure and accumulation of assets on non-custodial wallets.

However CryptoQuant analysts detected a surge in inflows of Bitcoins from miners’ wallets to exchanges, potentially prolonging pressure on the price of digital gold.

According to Whalemap data, Bitcoin’s price is currently near a key support level.

Bitcoin’s total market capitalization stands at $1.23 trillion, with Bitcoin accounting for about $558 billion, according to CoinGecko.

Earlier, the so‑called Bond King Jeffrey Gundlach described the bitcoin chart as “alarming” and predicted a drop in price to $23 000.

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