BTC might fall below $35,000 as bearishness persists
The crypto market falls over $100 billion in the past 24 hours, with bearish sentiment returning. The broader cryptocurrency market dips by 6.85% in the last 24 hours, its biggest drop in recent weeks.
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is currently trading at $36,786. This is a 5.72% decline from its price 24 hours ago.
The total cryptocurrency market cap is presently at $1.67 trillion, down from yesterday’s $1.79 trillion.
The sell-off begin early this morning and has gathered pace throughout the day. Bitcoin fell below $37,000 at around 10:00 UTC and continues its descent to $36,786 at press time.
The bearish run could mark the first time this month that Bitcoin falls below $35k resistance. Bitcoin’s poor performance, as usual, has had an impact on the other top cryptos in the market.
Ethereum is down 4.41% on the day, while XRP has shed 5.39%. Bitcoin Cash and Litecoin are down 5.68% and 7.51% respectively.
Bitcoin SV is the biggest loser among the top-10 cryptos, down 8.24%. Litecoin are also in the red, with losses of 3.97% and 4.37%, respectively.
Except for Anchor Protocol, all of the top 100 cryptocurrencies are in the red zone. With several down by more than 10% in 24 hours.
The total market capitalization of all cryptocurrencies is currently around $1.51 trillion, which is down from its intra-day high of $1.57 trillion. Bitcoin’s dominance index also drops below 60% for the first time since mid-January.
Important levels to keep an eye on
The BTC/USD 4-hour chart is presently bearish, with Bitcoin declining more than 8% in the last several days. The market’s bearish sentiment appears to be solid.
The biggest immediate support for Bitcoin is around the $35,000 level. A break below this level could see Bitcoin falling to the $30,000 level. On the upside, Bitcoin will need to move above the $40,000 level before it can make a strong recovery.
The MACD line slides below the neutral zone thanks to Bitcoin’s ongoing poor performance. The 14-day RSI of 28 shows that Bitcoin is currently oversold.
Overall, Bitcoin looks likely to continue falling in the near term as bearishness persists.
The current value of Bitcoin is $35,901. If the negative trend continues, Bitcoin may fall below $35k for the first time in weeks. If Bitcoin’s performance deteriorates worse, it will be compelled to defend the second major resistance level at around $33,800.
Bitcoin’s recent poor performance has been a cause for concern among investors. The leading cryptocurrency’s market dominance falls below 60% for the first time since early 2019 as altcoins continue to gain ground.
BTC will need to move above the $40,000 level before it can make a strong recovery.
Given the present scenario, do you think Bitcoin can recover? It will be nice to feel your pulse on this issue.