Bitcoin has dropped from a brief $35,000 to $30,000s, falling by about 15% at the time of writing.
The currency has been in somewhat of a range since the beginning of the month, bouncing between $30,000 and $40,000.
Lately however it has been more towards $30,000, testing that support level for now nearly a week.
Whether the support will hold remains to be seen. Volumes have increased as can be seen above in that blue wave, with the big run up on very high volumes.
More recently however volumes have fallen somewhat, making this a drop on lower volumes.
That could potentially be a sign of consolidation, with it unclear how long it might last.
On fundamentals, there’s plenty going for bitcoin, with the $1,600 checks on their way, but they might take some weeks.
Smart money is eying it as a diversifier, including the likes of Harvard which have bought it for their Endowment fund.
For now however it is seemingly trying to set a base, with sideways here for about a week indicating strength, but it remains to be seen which way bitcoin will go.
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