Bitcoin Price Analysis: BTC Price Approaches $35,000 For First Time Since February
BTC price lost to the bears after a long stint of consolidation on Friday. The price fell more than 10% as of writing in a two-day period. The force behind the recent price action gives goosebumps to the BTC buyers as the price found no stoppage while dropping below $37,000.
- BTC’s price slumps below $36,000 since February amid heavy selling momentum.
- A breakdown of the major support of the long-term support zone near $37,000 signals more pain in the pioneer currency.
- The Fear & Greed Index fell 6 points to 21 indicating extreme fear in the market.
BTC price moves south
BTC’s price fell like a pack of cards on Thursday breaching $36,000 for the first time in four-month. However, the fall is not over yet it seems in the largest cryptocurrency. As the weekend begins, the BTC price is on the verge of breaking another psychological milestone placed at around $35,000.
BTC revisited the lows last seen in January at $35,526.65. Now, a weekly close below $35,000 would trigger a fresh round of selling toward the lows of $32,933.33.
On the flip side, if the price is able to recoup the session’s high it would pause the selling at least in the short term. In addition to that, with a decisive break above $37,646.85, the bulls would attempt to test $40,000.
As of publication time, BTC/USD trades at $35,791 down 2.44% for the day. The 24-hour trading volume of the biggest cryptocurrency by the market cap holds at $53,192,120,869 with a gain of 55%, according to CoinMarketCap.
In general, a fall in price along with rising volume is a bearish sign. We advised investors to wait for the clear levels before placing any directional bet.
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
