The price of Bitcoin on Sunday fell to a 3-month low – to the level of $34,500. Within 24 hours, the cryptocurrency lost 3.8% of its value. This comes days after cryptanalysts warned that price charts were sending bearish signals.
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It should be noted that the price of Bitcoin has been declining for several days in a row. After reaching the $34,500 level, the price of the cryptocurrency continued to decline and lost about $1,000 more by Monday morning, dropping to about $33,500 (at the time of writing), the lowest level since January 24. If the price falls below $32951, it will hit a new low from July 2021.
Over the past few months, the price of Bitcoin has fluctuated between $35,000 and $46,000. If the price breaks this corridor and sets new lows, it may mark the beginning of a new trend in the market. The all-time high reached at the end of 2021 was $69,000, so a price drop below $34,500 represents a correction of more than 50%.
At the end of last week, popular price chart indicators were leaning towards bearish sentiment as the price of Bitcoin fell below the three-month uptrend line.
A US Department of Labor report released on Friday showed that last month’s employment gains remained solid at levels that should continue to worry the Federal Reserve about an overly tight labor market. As more employers compete for workers, wages could start to rise, adding to inflationary pressures and forcing the Fed to tighten monetary conditions faster. Recently, Bitcoin has reacted negatively (along with equities) to more aggressive actions by the US central bank.
The price of Bitcoin fell to the minimum value in more than a month ($38,580), other cryptocurrencies are also getting cheaper
Bitcoin fell to $35 thousand and pulled other coins with it – the cryptocurrency market lost more than $100 billion in a couple of hours
Source: coindesk
