• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis BTC

Bitcoin Plunges As Low as $34,500: What Are Analysts Saying?

Nick Chong by Nick Chong
3 months ago
in BTC
Reading Time: 2min read
Decred (DCR) Surges 50%, Outperforming DeFi Coins and 2017-Era Alts
Advertisement

Bitcoin plunged as low as $34,500 on Bitstamp just minutes ago as buying pressure finally began to subside heading into the weekend.

After peaking at $42,000 late last week, the cryptocurrency’s price action began to taper off heading into the weekend. This culminated in a strong flush lower over the past few hours that brought the leading cryptocurrency from the $40,000 region to lows at around $34,500 on some exchanges.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Chart of BTC's price action over the past few hours from TradingView.com

There appears to have been a large divergence between the price of Bitcoin on spot exchanges versus the price of Bitcoin on futures exchanges. It appears that there were spot sellers leading the dip, resulting in this divergence, as those on the futures market began to bet on a rebound.

This is made apparent by the high futures funding rate. The funding rate is the fee that long positions pay short positions on a recurring basis to ensure the price of the future is around that of the spot market.

Related Reading: Wall Street Veteran Kickstarts Own BTC Fund With $25m Investment

Too Much Panic Over the Bitcoin Drop?

Crypto-asset analysts argue that there is too much panic over this one move. One noted that the cryptocurrency is now only trading at prices seen 4-5 days ago.

Others note that the ongoing bounce seen in the Bitcoin price is a sign that there remains buying pressure on the sidelines that should maintain current price levels.

BTC "crashes" almost 20% to prices not seen since 4 days ago.

This move up has been so crazy we're all losing grip on reality.

— DonAlt (@CryptoDonAlt) January 10, 2021

Related Reading: 3 BTC On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
Bitcoin Plunges As Low as $34,500: What Are Analysts Saying?
Tags: btcusdBTCUSDTxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

TA: Here’s Why Bitcoin Price is Signaling Upside Continuation To $65K

13 hours ago
bitcoin bearish chart

The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

15 hours ago
Bitcoin

Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

2 days ago
By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

2 days ago
crypto bitcoin fireworks

Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

2 days ago
Bitcoin

TA: Bitcoin Steadies Above $59K, Here’s How Bulls Could Aim Fresh Rally

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Crypto Exchange Platform AAX Reveals HKD, SDG, and GBP as the Top Three Fiat Currencies Deposited In April

April 14, 2021

Polkadex IDO Launches On Polkastarter on the 16th of April

April 13, 2021

Fast-Growing Exchange Bityard to Launch Its First Contest for Global Traders

April 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.