Bitcoin Plummets Below $30,000, Drags Entire Market Along
July 20, 2021
As bears continue to dominate the crypto scene, Bitcoin (BTC) has breached the $30,000 support in an overnight crash. As expected, the rest of the cryptocurrency industry took a plunge as well, with double-digit losses across the crypto space resulting in about a $100 billion crypto market valuation decline.
Bitcoin fell into a bearish row after it crossed below the $36,000 level a few weeks ago. The benchmark cryptocurrency saw a$1,500 dump to an intraday low of $29,300, breaking the critical $30,000 level for the first time since June 22.
The market capitalization of the benchmark cryptocurrency has taken a beating, falling below the $560 billion price point. However, its market dominance has climbed above 46% as most altcoins suffered worse declines.
Ethereum (ETH), the largest altcoin, dipped near the $1,700 support today after suffering a 6% decline over the past 24 hours. Binance Coin (BNB) also suffered a debilitating crash over the past 24 hours, recording a -12.2% decline from its recent $295 high.
Meanwhile Cardano (ADA), Ripple (XRP), Dogecoin (DOGE), and Polkadot (DOT) all suffered significant losses as well with -11.2%, -8.7%, -7%, and -10.6%, respectively.
Key Bitcoin Levels to Watch — July 20
Bitcoin continues to suffer bearish attacks as it posts a sustained drop below the $31,000 pivot line and has temporarily bottomed at $29.300. If the primary cryptocurrency stands its ground above the $29,500 support over the coming hours, we could see a retest of the $30,000 resistance followed by a recovery above the $31,000 pivot line.
However, the chances of a bullish recovery over the coming hours are very slim as bears have their eyes on the $27,000 – $26,000 axis.
Meanwhile, our resistance levels are at $30,000, $30,500, and $31,000, and our key support levels are at $29,300, $29,000, and $28,000.
Total Market Capitalization: $1.19 trillion
Bitcoin Market Capitalization: $555.6 billion
Bitcoin Dominance: 46.6 %
Market Rank: #1
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