Bitcoin sinks after Colonial Pipeline ransom recovery

The recovery of nearly all of the Bitcoin ransom paid to Colonial Pipeline hackers is undermining the perception that Bitcoin is beyond the control of any government. Bitcoin slumped to a two-week low, with analysts pointing to a technical breakdown as well as the recovery of Colonial Pipeline Co.’s ransom as evidence that crypto isn’t beyond government control. I thought Bitcoin would be up today on the Colonial news so I’m befuddled.” Meanwhile, strategists are If Bitcoin doesn’t continue creating higher lows, it could retest $30,000, which it briefly touched last month during a brutal selloff. “The major price support stands at the $30K level, and a slide below this handle could run into stops and accelerate the sell-off in the short run,” said Ipek Ozkardeskaya, senior analyst at Swissquote. Oanda’s Halley also says that a break below $30,000 could lead to “another capitulation.” Evercore ISI’s Rich Ross sees a test of support around $29,000.