The price of Bitcoin fell again last night below the major technical and psychological threshold of 30,000 dollars, which had not happened since the summer of 2021. Already battered for several weeks like the entire cryptocurrency market which is suffering from the rise risk aversion and nervousness of the stock markets in a context of rapid tightening of monetary policies, Bitcoin has been particularly affected in recent days by the correction of the Nasdaq while a strong correlation is now observed between cryptos and cryptos. US stocks. The Nasdaq has thus just plunged 10% in three days, dragging Bitcoin 25% lower, from 40,000 to 30,000 dollars.
More than half lost since November 2021 ATH
However, the passage below 30,000 dollars has just caused a technical rebound around 32,000 dollars currently. A level about 55% lower than the record of almost $69,000 reached by Bitcoin in November 2021. Already in the spring of 2021, Bitcoin had approached $65,000 before losing almost half of its value a few months later. The main alternative tokens are not immune to this same trend: Ethereum has tumbled in recent hours to $2,200 while the second largest crypto by capitalization approached $5,000 in November 2021.
Extreme fear
This pessimistic environment is also found in the Crypto Fear & Greed index, which measures the sentiment of cryptocurrency investors. The Crypto Fear & Greed has just fallen to 10/100, i.e. in the extreme fear zone (“Extreme Fear”) while it was evolving around 25 last week and was still around 50 at the beginning of April.