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Bitcoin Drops Below $30K – Outlook Going Forward Is Mixed

Wall Street is seeing “too much froth” and current virus jitters are triggering widespread panic selling of every top performing asset, including bitcoin, said one analyst

From CoinDesk.com….

Bitcoin dropped below $30,000, breaking below a trading range that had held for the past four weeks and potentially setting up the largest cryptocurrency for deeper price declines.

The cryptocurrency was trading around $29,998 at press time and is down about 5% over the past week.

Bitcoin has been locked in the broad price range of $30,000 to $40,000 since mid-May, and briefly broke below the $30,000 mark on June 22. The cryptocurrency fleetingly traded at $29,700 a day after the People’s Bank of China ordered the country’s major financial institutions to stop facilitating crypto transactions.

“I am expecting a strong dip towards $22K,” said Patrick Heusser, head of trading at Crypto Finance AG, in a telegram interview on Monday.

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