Bitcoin Tumbles Back Below $30K as Bullish Momentum Wanes

Over $200 million in positions have been liquidated following a second sharp drop for bitcoin in seven days.

AccessTimeIconJun 7, 2022 at 7:48 a.m. UTC
Updated Jun 7, 2022 at 2:40 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Bitcoin (BTC) fell 5.58% in the last few hours and is currently trading at $29,500 after the daily candle close.

  • The move mimicked the price action on June 1 when the world's largest cryptocurrency tumbled from $32,000 to below $30,000.
  • Despite the drop, bitcoin remains in a relatively tight trading range of $32,000 to $28,000, with price rarely deviating since early May.
  • The lack of volatility has translated to a slight decline in trading volume, with bitcoin rarely exceeding $30 billion in daily volume.
  • More than $218 million worth of positions on derivative exchanges have been liquidated in the past 24 hours, according to Coinglass.
  • The cryptocurrency once again showed positive correlation to equities during the sell-off, as Nasdaq futures experienced a 0.95% decline at the same time as bitcoin's plunge from $31,600 to $29,000.

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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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