Crypto community reacts to bitcoin’s drop below the $27k mark

The broader crypto markets have been tumbling over the past month, with a more profound fall in the first week of May. As the markets fell, bitcoin (BTC) started to drop from its local top of roughly $30,000 in the last week of April.

Bitcoin registered its deepest local price drop on May 12 — plunging to around $26,290 — as the global crypto market cap witnessed a $140 billion loss in just 24 hours.

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Moreover, the largest cryptocurrency, BTC, is down by another 1% in the past 24 hours and trading at around $26,800 at the time of writing. Data shows that bitcoin’s trading volume rose 33% in the past 24 hours, reaching $9.8 billion.

BTC price – May 22 | Source: Trading View

As the BTC price drops, the Twitter crypto community believes that the asset will stay above the $25,000 mark, according to a poll in a thread.

Market Sentiment | How far will $BTC fall?

— infobot.ai (@infobotAI) May 22, 2023

From 439 votes at the time of writing, roughly 30% expect a further price drop between $17,000 and $24,999. Per the thread, 14% think that bitcoin could fall below $10,000 — a claim some community members took as a joke.

A Twitter user says that people waiting for BTC to drop to the $10,000 mark “will be gravely disappointed.”

Not me, but those who are waiting for it will be gravely disappointed

— The Cryptic Crypto Climate (@CCC_Cryptonews) May 22, 2023

Some members have also celebrated the 13th Bitcoin Pizza Day despite the bearish news surrounding the digital gold.

Happy Bitcoin Pizza Day everybody! Hope y’all are gonna join in the #GlobalPizzaParty by eating pizza today and sharing some pics, even if you’re not able to join a @Pizza_DAO event in your city! pic.twitter.com/BkClDVSx3u

— don-luv.eth (@Don_Luvat) May 22, 2023

Read more: Over $3.6b of ethereum ready for Beacon Chain staking

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