Bitcoin (BTC) fell over 5% over the last day to retreat back under $30,000, wiping off most of its recent gains.
The leading cryptocurrency gave investors a touch of hope at the start of the week after staging a mini-rally to first reclaim the $30,000 level on Monday before briefly surpassing $32,000 the following day.
It was the first time in three weeks that Bitcoin had traded at those levels; however, it failed to keep the upward momentum, plunging to an intraday low of $29,501 on Wednesday, according to data from CoinMarketCap.
At the time of writing, Bitcoin was changing hands at $29,939, down 5% in the past 24 hours. The bearish action led to nearly $155 million in BTC positions, mostly longs, liquidated over the span, according to Coinglass.
It’s been a rocky month for Bitcoin and the broader crypto market, as investors are still trying to assess their losses following the dramatic crash of Terra’s UST stablecoin and LUNA token.
The leading cryptocurrency lost more than 22%...
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