Bitcoin briefly fell below the key $30,000 level and turned negative for 2021 at one point on Tuesday. At its low of the day, Bitcoin fell more than 11% to about $28,911, below the $29,026 level where it ended 2020, according to Coin Metrics. Technical analysts had been watching the $30,000 level as a key support level on the charts after the cryptocurrency had fallen to near that low during its May crash. Galaxy Digital CEO Mike Novogratz said on CNBC's "Squawk Box" that bitcoin could still rebound after Tuesday morning's move but there was significant downside to the next support level. Significant pullbacks have happened before in the cryptocurrency market, with bitcoin falling about 80% from its late 2017 highs at one point.
