Bitcoin Plunges Below $30,000, Still Unable to Post Sustainable Rebound By Investing.com

Investing.com – Bitcoin has once again proven its current inability to maintain a sustainable upside, with the cryptocurrency back below $30,000 on Tuesday morning after peaking at $31,765 yesterday afternoon.

Between yesterday’s peak and this morning’s low of $29,230, Bitcoin therefore posted an 8% correction, most of which was recorded between 2 a.m. and 4:30 a.m.

US futures indices are down slightly, as are Asian stocks, after weak gains yesterday, which reflects optimism for limited risk, but seems insufficient to explain the extent of Bitcoin’s fall in recent hours.

Regarding the latest information specific to the world of cryptocurrencies, we note that according to anonymous sources cited in a Bloomberg report yesterday, the Securities and Exchange Commission (SEC) has opened an investigation into the origins of (BNB) for potential violations securities regulations. Since its launch in 2017, Binance has become by far the largest cryptocurrency exchange in the market by trading volume.

News of the SEC investigation comes just as Reuters published the results of an unrelated probe in which the news agency claims at least $2.35 billion in illicit funds were laundered through Binance between 2017 and 2021.

Without this formally explaining the fall of Bitcoin, it brings the subject of stronger regulation (widely considered negative for cryptos) back to the fore, which is clearly not positive.

Technical thresholds to watch on Bitcoin in the short term

From a graphical point of view, we note that the support zone of 29.200/400$ seems for the moment to have stopped the downward movement of the . Below this threshold, the next support seems to be around $28,600, before $28,000.

On the upside, the $30,000 threshold is more of a pivot than a resistance. Then, many potential hurdles lie between $31,000 and $33,000. Ultimately, the path of least resistance for BTC is downside, based on technical factors.

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