Bitcoin Slides Further, Dips Below $33,000 Despite Buyers’ Efforts

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Created by TradeOr

3rd Party Analysis 02 Jul 2021

Key Takeaways

  • Bitcoin and cryptos still pressured as market sentiment remains bearish
  • Year-to-date, major digital currencies are profitable even after the severe price crash

Bitcoin Slides Further

The cryptocurrency market is struggling to contain the losses in the second half of the week. Buyers’ efforts appear insufficient to keep major currencies from sliding further to the downside on Friday, extending their Thursday drop.

Bitcoin today is trading right under the $33,000 mark, currently at $32,900 per token. The world’s biggest digital currency is now in its third day of declines. The three-day losing stretch followed three consecutive strong sessions to the upside during which the cryptocurrency gained almost 17%. Over the last three days, however, the coin is down 10%, but still way off its June lows of $28,800.

Since mid-June when China renewed its cryptocurrency crackdown efforts, bitcoin has advanced 14%. The Ethereum token is higher by 18% for the same period. For the week, bitcoin’s price remains fairly unchanged after the early-week climb was not sustained and the token retreated back near Monday’s opening levels. Ether is higher by 12% since Monday as the market seems to favor the second biggest currency.

Crypto Still Profitable Amid Crash

Despite the cryptocurrency market crash that wiped off over $700bn in the span of a couple of weeks, bitcoin, ether and other major cryptos are still yielding positive results year-to-date. Bitcoin’s price is up 12% since January, while ether’s price is higher by more than 180%. The total market capitalization of the crypto space started the year at $775bn. At the end of the first half of 2021, the entire cryptocurrency market grew almost double to roughly $1.45tn.

Looking ahead to the second half of the year, crypto enthusiasts remain certain that the nascent market is bound to continue marching higher once a price catalyst appears and reignites the buying momentum. On the other hand, those who doubt the rally could be sustained, cite environmental concerns and regulatory pressures as factors that could derail the quest for higher grounds in crypto land.

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