Sunday, December 10, 2023

Market Watch May 7: Bitcoin price crashes to 10-week lows.

Billions of dollars have been wiped out from the combined crypto market in mere minutes after Bitcoin crashed to $35,000. BTC saw another quick spike lower faced with a reaction higher at $35,500. The popular crypto seems to have exhausted its bearish pressure, a retracement is likely to follow over the weekend.

Data shows that Bitcoin traded in the range $35,482 – $37,233, suggesting strong volatility over the last 24-hours. Trading volumes increased by 22.81%, totaling $50.5 billion. Despite the drastic price slip, Bitcoin retains market dominance of 41.47%. Earlier in the week, BTC price action saw a break higher from the previous descending triangle resistance. Analysts believe the $40,000 crucial mark offered enough resistance to turn the market quickly around. Yesterday, the world’s most popular digital asset saw a price drop of nearly 11%, taking it to the $35,600 level. This was followed by more downside around $35,500.

Mike Novogratz, the CEO of Galaxy Digital, says the Nasdaq sell-off isn’t over. He warned that the Federal Reserve’s plans for a soft landing in an effort to bring inflation down to target would not happen. Rekt Capital, a popular crypto trader, and market analyst highlighted that Bitcoin has flipped the $38,000 level into new resistance. In other words, the popular cryptocurrency has confirmed a return to the $28,000 – $38,000 range, which was home to consolidation in Q1 and Q2 in 2021. BTC is approaching a long-term support range, which functioned as the second of the two important weekly charts supports a now lost higher low.

At the time of writing this article, Bitcoin was trading at $35,892. According to data from CoinMarketCap, BTC lost 1.66% of its value in the last 24-hours. And it has been down by 7.27% in the past seven days. Ether lost 2.63% of its price and is changing hands at $2,672. There is blood bathe in the overall crypto market. Terra LUNA is down by 6.60%, Avalanche lost 3.87%, Polkadot 2.70%, and Cardano 2.17%.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

Most Popular