Bitcoin (BTC) Price Prediction: BTC Crashes Below $35K, Is $29k Next?

By Rekha chauhan
February 24, 2022 Updated February 24, 2022
Best In

Earn

Telegram

Bitcoin-whales

Bitcoin (BTC) price falls mercilessly for the second day in a row on Thursday. BTC trades near the critical $35,000 level in tandem with the stock markets in the U.S. In the past 24-hour the total market capitalization of the cryptocurrency market has fallen nearly 5%.

  • Bitcoin (BTC) sinks below $35k on Thursday.
  • Global risk aversion amid Russia’s invasion of Ukraine has shaken the markets.
  • Investors bet on breaking of January lows of $32,933.33.

At the time of writing, BTC/USD is trading at $35,229.01, down 5.49% for the day. The world’s largest and most populous cryptocurrency by market cap held 24-hour trading volume at $36,562,674,794 rising almost 52%.

BTC price is on the verge to collapse toward $29k

On the daily chart, Bitcoin (BTC) remained under pressure near $45K as it happens to be a crucial support-turn-resistance level. Thus, a failure to break away from this milestone after the recent consolidation of price in late January plays a significant role in deciding the next future course of action.

Source: Trading View

The price rallied nearly 45 from the lows of $32,933.33 made on January 22. Further, after making a swing high at $45,855 BTC meets the demand zone extended from $32,000 to $35,000 once again.

Now, if the selling pressure intensified then there is no price for guessing the next level for BTC could be found $32,000.

A retest of $32k would make investors skeptical about the recovery chances in BTC, in fact, a weekly close below the mentioned level would seek depreciation toward $29k.

On the flip side, a quick reversal from the current level might bounce back to $40,000. Moreover, a decisive close above 50-day EMA at $41,597 will pave a way for $44,000 next.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) approaches toward the oversold zone with current reading of 29.

MACD: The Moving Average Convergence Divergence (MACD) trades below the midline with significant bearish momentum.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story