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Bitcoin price dips below $34K as day of Grayscale’s giant BTC unlocking draws near


Downward volatility hits the market on Sunday, as market participants argue that most of the drop is already complete.

Bitcoin (BTC) dropped to local lows of $33,750 on June 20 as fears over weak support levels proved to be well founded.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD swiftly dropping below $34,000 on Sunday after choppy behavior at the start of the weekend.

A comedown from resistance at near $40,000 continued to unfold, with low volumes highlighting little interest in protecting price action much above $30,000.

Among traders, talk mostly revolved around the so-called “death cross” on the BTC/USD daily and hourly charts which occurred on Friday. This refers to the 50-day moving average crossing over the 200-day moving average, and is traditionally considered to be a bad omen for price stability.

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