Bitcoin is teetering on the precipice of an abyss, according to some crypto market analysts, with its price hitting its lowest level since July 2021.
The cryptocurrency has lost more than 50 per cent of its value over the last six months amid a market-wide downturn that has wiped more than $1.5 trillion from the overall crypto market.
Hovering just above $30,000 on Wednesday morning, some fear it risks even heavier losses if it falls below this key level of support.
Since first rising above this price at the start of 2021, BTC has never fallen below it for any significant amount of time, meaning it will be in unchartered territory if the sell-off continues.
Bitcoin has so far managed to keep just above it, with some hopeful it can stage a similar recovery to last summer, which took it to new record-breaking highs before the end of the year.
You can follow all the latest news, analysis and expert price predictions for bitcoin, as well as other leading cryptocurrencies like Ethereum (ETH), Solana (SOL) and Cardano (ADA), right here.
