People enjoy themselves at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida.<\/p>\n
Joe Raedle | Getty Images<\/p>\n
The price of bitcoin fell about 10% Tuesday to around $32,000 and is on pace for its third straight day of losses, bringing most other cryptocurrency prices down with it. It's down 50% from its April all-time high.<\/p>\n
Many are speculating the price moved on news that U.S. officials recovered most of the ransom paid to the Colonial Pipeline hackers. <\/p>\n
Analysts, however, say it's more likely the movement is part of wider consolidation coming off highs from a month ago. In other words, the technical breakdown in the charts is driving the action and technical analysts see a possible bottom as low as $20,000 from here.<\/p>\n
Dave Keller from Sierra Alpha Research said in a market video update to clients that $30,000 is the support level to watch, and that bitcoin is a market in a clear downtrend.<\/p>\n
\"Movement in any given day can be filled with noise and short-term action,\" he said, but the chart \"has transitioned from an uptrend phase to a downtrend phase,\" citing lower highs, lower lows, breaking down through moving averages and breaking down through traditional support levels.<\/p>\n
Bitcoin - 6 months<\/p>\n
Coin Metrics<\/p>\n
<\/p>\n
Read more:<\/p>\n
What's really behind the bitcoin decline and why it could take the cryptocurrency as low as $20000 - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" People enjoy themselves at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. Continue reading