The all-time high for Bitcoin was back in November at $69,000 and its value has been erased by more than 50% since then. The 7% drop today is continuing the downside momentum after the break of $40,000 from last week.

BTCUSD D1 24-01

It's not looking pretty and as pointed out earlier here, key support stands nearer to $30,000 to $32,000. The former in particular is going to be a crucial point of interest in defining what happens next for Bitcoin and pretty much other cryptocurrencies as well.