Wed. Jun 12th, 2024

Bitcoin Tanks Below $35k. Is $25k Price Retest Near ?

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The (Bitcoin)BTC price has been falling for the four days none stop, entering the 35000 support level. If sellers sustain this fallout, the potential free fall will pull the coin price to the $30,000 support level, suggesting a 8.65% fall within the new week.

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It was bleeding red in the cryptocurrency ecosystem which saw 103,518 traders have their accounts liquidated as Bitcoin and other cryptocurrencies sell-off, a day after the United States Federal Reserve handed down its policy decision to increase the interest rate by half a percentage.

On the daily time frame, Bitcoin (BTC) made a false breakout of the $34,324 level. The selling volume has declined, which means that bears are losing their energy. In this case, the more likely scenario is correction to the zone of $35,000.

On the bigger chart, Bitcoin (BTC) is approaching the support level of the wide channel. If the fall continues to the $33,000 mark, there is a high chance of seeing a sharp drop below $32,800 next week.

Bitcoin had stayed mostly between $35,000 and $46,000 for the past couple months, so the latest price decline might mark the beginning of a new market trend.

Popular price-chart indicators were leaning bearish late last week, as bitcoin’s price broke below a three-month rising trend line.

All-time high reached in late 2021 was $69,000, so a price drop below $34,500 represents a correction of more than 50%.

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