Bitcoin Price Falls Below $30k, Then Rises

investopedia.com:

Bitcoin (BTCUSD) price, which set a new record of nearly $65,000 in April, is confounding investors. 

The cryptocurrency tumbled below $30,000 – a price point it blitzed through at the start of this year – on Monday night, leading analysts to predict the start of a bear cycle.Its price decline, as measured over a 24-hour period, was not much in percentage terms. But the $30,000 figure itself is considered a key price support level by institutional investors.That barrier could determine the cryptocurrency's price trajectory in the short term, they say.

Bitcoin price's stay below $30,000 was short lived, however. At 1:06 PM UTC this morning, the cryptocurrency had bounced back to $31,547.88, a jump of 6.23% from its price 24 hours ago. After sliding to a low of $1.174 trillion on Monday, the total market capitalization of cryptocurrency markets also recovered to $1.27 trillion as of this writing. With a market cap of roughly $557 billion, Bitcoin accounts for approximately one-half of the total valuation of cryptocurrencies and sets the price momentum for other coins in the ecosystem. 

Among the top four cryptocurrencies by market cap, the price for Ethereum (ETHUSD) fell by as much as 9.6%  to $1,722.81 on Monday before recovering to $1,904 this morning. Binance Coin (BNBUSD) was hammered with a price drop of 12% during the same period on Monday. As of this writing, it was up by 7.5% to $284.95 from its price 24 hours ago.  

While volatility is par for the course for crypto investors, the recent turmoil in Bitcoin prices has occurred during a period of spotlight on cryptocurrencies. Bitcoin's price movements mirror those of the broader stock market. But its returns are less than stellar as compared to other investing