Analysts say Bitcoin price drop to $30K was ‘healthy and necessary’

Cointelegraph

Published Jan 11, 2021 08:26PM ET

Updated Jan 11, 2021 10:00PM ET

The euphoria in the cryptocurrency market was quelled on Jan.11 as the majority of altcoins saw their prices decline by more than 20% as Bitcoin price sold off sharply.

After falling below the $40,000 support level on Jan. 10, selling pressure for Bitcoin (BTC) increased overnight and pushed the price of the top cryptocurrency as low as $30,229 before a soft support level was reached.

Daily cryptocurrency market performance. Source: Coin360
Bitcoin price vs. daily sentiment. Source: TheTIE
BTC/USD daily chart. Source: Coin360

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