The largest cryptocurrency slid as much as 3.3% to $38,223, the lowest since March 15, and down more than 20% from last month’s high.
Last year Musk took to promoting Dogecoin, a meme-coin made as a parody of cryptocurrencies, which help inflate the value of the token over 14,000% from the start of 2021 to a high of $0.68 per token in May 2021.
Bitcoin has dropped below its Ichimoku cloud support on a weekly chart, with secondary support only coming in around $27,200, said Katie Stockton, founder and managing partner at Fairlead Strategies.
For all its recent losses, Bitcoin remains in the middle of a trading range that has held since the start of the year, between about $35,000 to $45,000.