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  • Learn About Crypto
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Bitcoin (BTC) Price Prediction: BTC Crashes Below $35K, Is $29k Next?

February 24, 2022
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Bitcoin (BTC) price falls mercilessly for the second day in a row on Thursday. BTC trades near the critical $35,000 level in tandem with the stock markets in the U.S. In the past 24-hour the total market capitalization of the cryptocurrency market has fallen nearly 5%.

  • Bitcoin (BTC) sinks below $35k on Thursday.
  • Global risk aversion amid Russia’s invasion of Ukraine has shaken the markets.
  • Investors bet on breaking of January lows of $32,933.33.

At the time of writing, BTC/USD is trading at $35,229.01, down 5.49% for the day. The world’s largest and most populous cryptocurrency by market cap held 24-hour trading volume at $36,562,674,794 rising almost 52%.

BTC price is on the verge to collapse toward $29k

On the daily chart, Bitcoin (BTC) remained under pressure near $45K as it happens to be a crucial support-turn-resistance level. Thus, a failure to break away from this milestone after the recent consolidation of price in late January plays a significant role in deciding the next future course of action.

Source: Trading View

The price rallied nearly 45 from the lows of $32,933.33 made on January 22. Further, after making a swing high at $45,855 BTC meets the demand zone extended from $32,000 to $35,000 once again.

Now, if the selling pressure intensified then there is no price for guessing the next level for BTC could be found $32,000.

A retest of $32k would make investors skeptical about the recovery chances in BTC, in fact, a weekly close below the mentioned level would seek depreciation toward $29k.

On the flip side, a quick reversal from the current level might bounce back to $40,000. Moreover, a decisive close above 50-day EMA at $41,597 will pave a way for $44,000 next.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) approaches toward the oversold zone with current reading of 29.

MACD: The Moving Average Convergence Divergence (MACD) trades below the midline with significant bearish momentum.

 

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Tags: 29k35KBitcoinBTCCrashesPredictionPrice
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  • bitcoinBitcoin(BTC)
    $21,216.00-0.12% 24H
    BITCOIN
    24H : -0.12%
    Volume : $16,821,788,637.00
    Marketcap : $404,569,947,568.00
  • ethereumEthereum(ETH)
    $1,205.27-1.80% 24H
    ETHEREUM
    24H : -1.80%
    Volume : $11,783,089,088.00
    Marketcap : $146,270,480,762.00
  • tetherTether(USDT)
    $1.00-0.05% 24H
    TETHER
    24H : -0.05%
    Volume : $31,870,457,268.00
    Marketcap : $66,896,897,258.00
  • usd-coinUSD Coin(USDC)
    $1.00-0.39% 24H
    USD COIN
    24H : -0.39%
    Volume : $3,522,157,783.00
    Marketcap : $55,988,282,767.00
  • binancecoinBNB(BNB)
    $235.70-1.38% 24H
    BNB
    24H : -1.38%
    Volume : $855,428,064.00
    Marketcap : $38,470,893,398.00