Bitcoin Charts Yet Another Yearly Low
A lot can change in the cryptocurrency markets in a week. Seven days ago, bitcoin stood around $40,000 after spiking by $1,000 in a day. This was regarded as a positive development, with the bulls expecting an upcoming price surge above that coveted level.
However, very few people could have predicted what happened next. Instead of rising above that level, BTC descended and lost $4,000 in a single day. Not only that, but another price drop drove it to $33,000, then to $30,000 a few days later.
After rising to $33,000 on May 10, the cryptocurrency fell below $30,000 for the first time since last July. After the United States announced the latest inflation figures, bitcoin briefly surged to $32,000 before being rejected once more.
This time, it dropped to $28,000 before falling further to $25,350 – the lowest price position since late December 2020. This resulted in over $1 billion in liquidations, which was somewhat predictable.
As of now, BTC stands above $27,000 but being 30% down on the week means that its market cap is well beneath $550 billion.