Bitcoin Sinks Below $29k, its Lowest Level Since 2020

Bitcoin has continued its dramatic descent, falling below US$29,000 to its lowest point since December 2020. It’s currently hovering around that $29,000k support level, with everyone wondering which way it’s going next.

BTC/AUD price chart. Source: CoinMarketCap

The US Consumer Price Index (CPI) figures were published on May 11 and the knock-on effect saw Bitcoin piercing the $30,000 support at US$28,170. April’s annual CPI figure is 8.3 percent, down 0.2 percent from the previous month, yet the update sent Bitcoin into a frenzy, its price falling from US$31,700 to $28,170 in as little as 20 minutes, followed closely by a rebound to approximately $31,600:

When In Doubt, Zoom Out

It’s easy to focus on the current dip in price, but if we zoom out further on the timeline we can see the trajectory is still moving upwards overall.

Source: Twitter

Lauren Claxton

Lauren Claxton

Lauren is currently a freelance writer with experience in finance writing. She has a growing interest in the metaverse and all things NFTs and expects to graduate in 2022 with bachelors degrees in creative writing and public relations.

You may also like