Bitcoin fell as much as 6% on Thursday, close to below USD27'000, the lowest since December 2020. The key question is whether it will be able to regain its key support level of around USD29'800. The downfall of the stablecoin UST has impacted the crypto market and it is unclear if markets are close enough to peak capitulation in order to rebound. There are some signs of capitulation such as forced selling and markets are largely oversold after falling rapidly.