Bitcoin came under pressure as Chinese authorities decided to crack down on cryptocurrencies and particularly on Bitcoin.
Bitcoin fell to $30,000 in May, but this big round level held as support.
When that happened many crtypto analysts predicted that the crash would send BTC/USD lower to $20,000 soon.
What’s comforting is that the decline didn’t continue further down, so the big retreat might have ended in cryptocurrencies, although BITCOIN will have to climb above $42,000 for the bullish momentum to pick up.