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.

By Oliver Knight

Jun 7, 2022 at 7:48 a.m. UTC

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

Oliver Knight

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

Follow @OKnightCrypto on Twitter

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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