Watch these key levels for bitcoin next after its break below $30,000, traders say

SourceCNBC
SectorFinancial Markets
CountryMiddle east

Fell again on Tuesday, this time breaking below the critical $30,000 level. That price has been highlighted by institutional investors as a key level of support. Despite the market rebounding slightly on Tuesday, this move in bitcoin comes as investors look to mitigate risk with the spread of the delta Covid variant putting additional pressure on the broader market. Other cryptocurrencies were also lower Tuesday.

, and all spent the day in the red. In an interview with CNBC’s Delano Saporu, founder of New Street Advisors, said he sees more pain ahead for bitcoin. “I think you probably have more downside, maybe to around the $22,000 range [to] the $17,000 range for bitcoin going back to Dec. 20 of last year,” he said Tuesday. However, “from there, I do think there’ll be upside,” he said. While short-term traders who invested in bitcoin at its highs are feeling the pain now, Saporu sees the cryptocurrency paying off for long-term investors. “A...read more...