Bitcoin (BTC) fell back below $30,000 last night. Thursday’s recovery was short-lived and bitcoin may still be in its downtrend. Market fear, meanwhile, is even rising to a new high according to this index:

Bitcoin price drops by 3.7%

Bitcoin’s price plummeted from $36,000 last week all the way to a low of $26,600 on Thursday. Bitcoin then started to recover slightly and was able to break through $30,000 by yesterday morning.

For the rest of the day, bitcoin held out above USD 30,000, but was rejected by late yesterday afternoon when it touched USD 31,000. Then bitcoin began to fall sharply again, touching a low of $29,250 last night. Bitcoin was able to hold out for the rest of the night and morning and the price is currently consolidating around $29,500 on KuCoin and $28,300 on Bitvavo. This means that BTC is currently 3.7% in the min.

According to this analyst, it is a bad sign that the USD 31,000 has flipped from support to resistance. This means that the chances are rapidly increasing that bitcoin can still seek a deeper bottom than the recent $26,600.

Substantial BTC influx to crypto exchanges

More selling pressure may also be caused by miners who sell well. BTC influx to exchanges from miners reaches its highest point in a year, analysis firm CryptoQuant reports:

Furthermore, CryptoQuant reports that the total number of average BTC deposits on exchanges has even reached its highest point in two years:

In addition, it is also possible that traditional financial markets have not yet reached their bottom. While stock markets like Nasdaq ended the day in green yesterday, historically they could plummet much deeper and could then pull bitcoin with them.

In the meantime, the trading volume is falling sharply again and that means that we have to take into account a so-called weekend fake out†

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