Bitcoin falls back after surpassing $30,000

The crypto-currency rates have largely receded this week. Bitcoin (BTC) lost more than 10%. after having flirted a few days with 30k$. A technical correctionaccording to some analysts.

The price of Bitcoin fell below $28,000 on Friday evening and is currently trading around 27,250 dollarsdown 2.8% over 24 hours and more than 10% over 7 days.

Bitcoin (BTC) 7 day price – Messari

The majority of altcoins are also in the red. Ethereum (ETH) is down 12% on a week at $1850. The price ofether had reached over $2100 in the wake of the Shanghai update.

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The story is similar for crypto company stocks. This week, Coinbase (COIN) lost more than 10% of its value on the Nasdaq. The stock of bitcoin miner Marathon Digital, meanwhile, is down nearly 20%.

According to Will Tamplin, an analyst at Fairlead Strategies, Bitcoin experienced a “loss of short-term momentum” earlier this week, which gave way to a ” correction phase “.

The only concern is whether the $30,000 rally was simply due to the Fed’s injection of liquidity after SVB failed, or if it is the start of a new bull run for Bitcoin,” commented Matt Maley, chief strategist at Miller Tabak + Co, on Bloomberg.

Bitcoin has doubled in value since January after a complicated 2022. According to data provider Kaiko, crypto-currency prices are now reportedly being pulled by low liquidity in the market.

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The recoil of prices on the crypto market this week comes more globally against a backdrop of high economic uncertainty and heightened fears of recession.

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