Bitcoin price tumbles to ‘final support’ as trader warns of $24K BTC price target

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The price of Bitcoin has sunk to the lowest level since mid-June, following a sudden spike in trading activity on Sunday. According to data from CoinDesk, the price of one Bitcoin fell from $7,475 to $6,818 around midday GMT, before recovering slightly to $7,564 at the time of writing. The price has now fallen back below $7,000, with Bitcoin now resting at $6,818, according to data from the CoinDesk Bitcoin Price Index. The slide has been accompanied by a trading volume of $92.3 billion across global markets.

The bitcoin price continued to fall today, on what has been a turbulent week for the cryptocurrency. The market has lost a third of its value since the beginning of November, and while bitcoin was trading above $5,500 yesterday, it had recently hit $6,000, but has now fallen back below $6,000. The “final support” for bitcoin, according to a trader at Millennium Capital, is $2,700, the lowest trading level since the currency’s debut in 2009.

Bitcoin (BTC) fell to its last support zone above $31,000 on July 15. The small downward move has triggered new predictions of a BTC price collapse.

Annotated table of total Bitcoin Exchange transaction fees. Source: Jan and Jana/Twitter

Bitcoin price tumbles to ‘final support’ as trader warns of $24K BTC price target

According to Cointelegraph, other data shows that accumulation is also underway among investors who sold when BTC/USD hit $30,000 en route to current historic highs.

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Emilia James
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