Bitcoin Loses $30,000 as $30K Selling Unfolds: Ethereum Below $2,000

Major cryptocurrencies look set for another losing week with bitcoin stubbornly trading below the $30,000 mark. Bitcoin, ethereum and Binance Coin – the largest cryptocurrencies – are all feeling the pressure. Bitcoin lost its $30,000 support this morning and is currently hovering around $29,500. What caused this dramatic drop?

Bitcoin Breaches $30,000 Support Level

Bitcoin fell below the US$30,000 support line in Friday morning trading in Asia as traders took profits amid worries about interest rate hikes in U.S. markets that drove the sell-off. This follows a period of relative stability, leading many to believe the bottom was in. However, the recent price action suggests further volatility is likely.

Ethereum Dips Below $2,000

The woes aren't limited to Bitcoin. Ethereum has also taken a hit, falling below the $2,000 level. This correlated move highlights the interconnectedness of the cryptocurrency market and the impact of macroeconomic factors.

Leveraged Positions Wiped Out

On the four-hour timeframe, close to $40 million Ethereum contracts were wiped out of the market, while for Bitcoin, the number stood lower, at $30.48 million. Longs positions were particularly vulnerable during this flash crash. On Wednesday, April 19, the crypto market noted a flash crash. Within minutes, assets like Bitcoin and Ethereum experienced significant drops.

What's Next for Bitcoin and Ethereum?

The future remains uncertain. Market analysts are closely watching key resistance and support levels to gauge the next potential move. Will Bitcoin reclaim $30,000, or will we see further declines? Stay tuned for more updates as the situation unfolds.