Bitcoin Is Holding $30000. Why That’s Important.

The cryptocurrency, which is down 54% from its all-time high of $63,237 hit in mid-April, has fallen as much as 24% in the past 5 days.

That $30,000 level is particularly important for Bitcoin, as Barron’s recently noted, and if it breaks, Bitcoin has a lot more room to drop.

“ for any reason Bitcoin’s critical $30,000 support were breached, it would be vulnerable to decline back to $20,000,” The Institutional View’s Andrew Addison wrote in Barron’s back in May.

If the price falls to $25,000, the price could sink to $6,000, according to ICAP, an almost 80% drop from its current level.

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