Bitcoin Price Analysis: BTC Price Approaches $35,000 For First Time Since February

By Rekha chauhan
May 6, 2022 Updated May 6, 2022
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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.

 

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.

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