Bitcoin (BTC) Price Finds Support at $30K After Recent Bloodbath

• BTC momentarily fell to $29,000 before regaining its previous level of $30,000.
• Bitcoin has been down 5.18% in the last 24 hours.

After a week of severe consolidation, Bitcoin (BTC) looks to have found support around the 2022 lows. Just over the $30,000 mark is where the token is trading at the moment. Concerns about growing inflation and interest rate increases by the Federal Reserve accounted for a large portion of BTC’s drop. As a result, BTC momentarily fell to $29,000 before regaining its previous level of $30,000.

Strong Correlation to the Index

The level is now widely predicted to serve as a firm foundation for BTC’s price movement. Already, bargain hunters are flocking to the token in anticipation of a possible low. Even though Bitcoin is now trading at its lowest price since July 2021, traders aren’t willing to let the currency go much farther. El Salvador has also acquired BTC at a discount amid colossal accumulation.

Another factor likely to bolster BTC is a probable comeback in US stock markets. It’s been a year of mostly following Nasdaq’s tech-heavy index. With Nasdaq indications reaching the top end of the range, CNBC data shows that US stock futures are up between 1% and 2%. After a rough trading day on Monday, Wall Street seems to be on the road to recovery.

In the wake of Monday’s losses on Nasdaq, BTC will probably follow a rebound in this tech-heavy index. Blockchain expert Kaiko’s data indicates a record high connection between BTC and the index. No triggers in crypto seem to be challenging this association in the medium run. While the Nasdaq 100 is down 26% this year, Bitcoin is down 34%.

According to CMC, the Bitcoin price today is $31,429.25 USD with a 24-hour trading volume of $82,245,638,251 USD. Bitcoin has been down 5.18% in the last 24 hours.