Bitcoin Carnage Continues As BTC Disintegrates To $34K

Christian Encila

3 years ago

3 mins read

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The cryptocurrency market as a whole is once again blanketed in red, with Bitcoin falling to a multi-month low.

Bitcoin’s price has tanked for four consecutive days, breaching the psychological support level of $35,000. The probable freefall will drag BTC down to the $33,000 support level if sellers maintain this decline.

According to CoinGecko, the most popular and largest cryptocurrency by market capitalization lost 4.5 percent during the past 24 hours, breaching a crucial support level and posting a daily low of $34,405.

The market capitalization of Bitcoin fell to $657 billion, CoinMarketCap data show. As of March 28, this number exceeded $900 billion.

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The price of BTC has crashed for four straight days, breaking past the psychological support level of $35,000. (TechnoPixel)

‘Extreme Fear’ For Bitcoin

BTC is presently selling at approximately $34,515, down roughly 10% in the past week and down 40% year-to-date.

The Bitcoin Fear and Greed Index reached a level of “extreme fear” as a result of a loss of about $6,000 in just a few days, which inevitably caused a significant shift in mindset.

Rick Bensignor of Bensignor Investment Strategies said in a note, “Bitcoin’s failure to hold key support has increased the likelihood of a severe decline.”

Bitcoin has mainly followed the downward trend of equities markets as investors across asset classes react to indications of future interest rate hikes. In the past 24 hours, the market for cryptocurrencies as a whole has fallen by 4.4%.

BTC total market cap at $638 billion on the daily chart | Source: TradingView.com

No ‘Counter-Trend’ Indicators

Katie Stockton, managing partner at Fairlead Strategies, wrote in a note, “Bitcoin currently has no counter-trend indications, but the equities market appears primed for a comeback next week, which we hope will carry over to cryptocurrencies.”

The majority of Bitcoin’s loss occurred after the Federal Reserve raised the Federal Funds interest rate by 0.50 percentage points, which triggered a stock market selloff and effectively promised two more 0.50 percentage point increases.

Institutional investors began selling Bitcoin exchange-traded funds more than a week ago, according to a CoinShares report. Prior week Bitcoin outflows totaled $133 million, the biggest figure since June last year.

Bitcoin is predicted to drop to $30,000. (MoneyWeek)

Analyst Predicts A Drop To $30K

Carter Braxton Worth, the founder of Worth Charting, predicts that Bitcoin’s price will drop by another 13% to $30,000.

As previously indicated, alternative coins are also suffering, with red dominating virtually all charts. Ethereum leads this negative trend with a daily decline of 4.5 percent.

Binance Coin has lost a comparable percentage and is currently trading below $360. Additionally, Avalanche, Cardano, Dogecoin, Ripple, Solana, Polkadot, NEAR, and Shiba Inu are in the red.

Last week, the head of research at IntoTheBlock, Lucas Outumuro, told Fortune, “Until the market begins to look past the influence of the Fed’s quantitative tightening and rate hikes, I believe it impossible for Bitcoin to develop a broader uptrend.”

Featured image Live Science, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.