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<p class="is-style-lead">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 (<a href="https://crypto.news/price/bitcoin/">BTC</a>) started to drop from its local top of roughly $30,000 in the last week of April.</p>



<p>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.</p>



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<p>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.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1010" height="598" src="https://crypto.news/app/uploads/2023/05/BTC-price-May-22.png" alt="Crypto community reacts to bitcoin’s drop below the $27k mark - 2" class="wp-image-14159142"><figcaption class="wp-element-caption">BTC price &#8211; May 22 | Source: Trading View</figcaption></figure>



<p>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.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Market Sentiment | How far will <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> fall?</p>&mdash; infobot.ai (@infobotAI) <a href="https://twitter.com/infobotAI/status/1660463610236227585?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 22, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>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.</p>



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Not me, but those who are waiting for it will be gravely disappointed</p>&mdash; The Cryptic Crypto Climate (@CCC_Cryptonews) <a href="https://twitter.com/CCC_Cryptonews/status/1660528360647172096?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 22, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Some members have also celebrated the 13th <a href="https://crypto.news/learn/what-is-bitcoin-pizza-day/">Bitcoin Pizza Day</a> despite the bearish news surrounding the digital gold.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Happy Bitcoin Pizza Day everybody! Hope y’all are gonna join in the <a href="https://twitter.com/hashtag/GlobalPizzaParty?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#GlobalPizzaParty</a> by eating pizza today and sharing some pics, even if you’re not able to join a <a href="https://twitter.com/Pizza_DAO?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Pizza_DAO</a> event in your city! <a href="https://t.co/BkClDVSx3u" target="_blank">pic.twitter.com/BkClDVSx3u</a></p>&mdash; don-luv.eth (@Don_Luvat) <a href="https://twitter.com/Don_Luvat/status/1660540333455712257?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 22, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Crypto community reacts to bitcoin’s drop below the $27k mark

crypto.news

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