August 12, 2022

Bitcoin slides under $35K despite Biden unveiling $1.9 trillion stimulus

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Bitcoin (BTC) fell below $35,000 on Jan. 15 as renewed strength in the U.S. dollar piled pressure on the largest cryptocurrency. BTC bounced off support at $34,300 and is trading at $35,300 at the time of writing. 

BTC/USD 4-hour candle chart (Bitstamp). Source: Tradingvidw

Bitcoin heads back toward $30,000

Data from Cointelegraph Markets and TradingView shows BTC/USD hitting its lowest in over 24 hours at publication time on Friday, with $34,000 so far acting as support.

The previous day saw the pair reclaim $40,000 for a brief instant before falling back to range in a corridor that had formed at the start of the week. The latest drop reinforced the assumption that Bitcoin would continue in this corridor, which has $30,000 as support and $40,000 as a rough ceiling.

“#Bitcoin consolidating is very healthy for the market after the massive impulse move to $41,500,” Cointelegraph Markets analyst Michaël van de Poppe explained in a series of tweets.

“#Bitcoin is approaching a bounce area here as we rejected the crucial resistance around $40,000. Benefits the fact of further consolidation before continuation of the upwards momentum.Title: Bitcoin slides under $35K despite Biden unveiling $1.9 trillion stimulus
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Published Date: Fri, 15 Jan 2021 16:21:04 +0000