Following a positive weekly close, BTC falls below $30,000.

According to CoinMarketCap, Bitcoin (BTC), the most valuable cryptocurrency by market capitalization, has plunged below $30k in the previous 24 hours after rising above $33k yesterday.

BTC’s price has dropped in the last 24 hours after it produced its first green weekly candle following nine weeks of red weekly candles. This might be due to profit-taking by traders.

Bitcoin’s price is presently around $29,490.63, down 5.48 percent in the previous 24 hours, according to the crypto market tracker. Bitcoin’s price has fallen 6.89 percent in the previous seven days as a result of this. The coin’s market capitalization is at $561.71 billion.

On the daily chart for BTC/USDT, the price of bitcoin has fallen below the 9 EMA line. BTC attempted to retest the $31,700 mark, but was met by a bearish wave, causing the price to sink back to where it is now.

BTC has tested this level for the second time in the previous seven days, with the most recent effort returning the same outcome. Bulls, on the other hand, appear to be attempting to keep the price of BTC above the 9 EMA line, since the current candle has a little wick beneath it, indicating that buyers are attempting to keep the price above a specific level.

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