Crypto market cap falls by $113B as Bitcoin price tumbles to $28,750 By Cointelegraph

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Crypto market cap falls by $113B as Bitcoin price tumbles to $28,750

On Jan. 21 the cryptocurrency market experienced an increased wave of selling pressure and within the last hour (BTC) price dropped below the $30,000 mark for the first time since Jan. 4.

4-hour chart. Source: TradingView

Now that Bitcoin has lost the $32,000 and $30,000 support, a growing number of analysts are suggesting that the price could retest the $24,000 support. One theory behind the dip suggests that institutional investors viewed Bitcoin as a crowded trade and decided to take profits.

BTC price vs. market cap dominance. Source: TheTIE
BTC price vs. daily sentiment score. Source: TheTIE
Daily cryptocurrency market performance. Source: Coin360