The original cryptocurrency has lost more than 50% from its mid-April high of almost $65,000, leaving it up marginally for the year.
Bitcoin dropped as much as 10% to $29,333 on Tuesday, just above last year’s closing price of $28,997.
Chart-watchers said Bitcoin, which failed to retake $40,000 last week, could have a tough time finding support in the $20,000 range following its drop below $30,000.
It’s a remarkable comedown for the digital asset which just weeks ago was trekking higher amid a warmer embrace from Wall Street as well as retail investors.