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%.