Share this article
Bitcoin Price Drops Below $3,500, But Is a Relief Rally In Sight?
The price of bitcoin may be down on bearish news today, but as we head into Thursday's trading, charts indicate bulls may be ready to hold the line.
Updated Sep 14, 2021, 1:56 p.m. Published Sep 14, 2017, 2:00 p.m.
The bitcoin-US dollar exchange (BTC/USD) rate fell to a fresh four-week low of $3,413 this morning following reports that Shanghai-based bitcoin exchange BTCC will shut down its domestic trading operations effective September 30.
As such, the announcement is the latest that supports the rumor regulators are preparing a formal ban on domestic bitcoin exchanges. Long liquidations in BTC markets have gathered pace amid fears that a confirmation from the People's Bank of China will follow over the next few days.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to data from CoinMarketCap, bitcoin's price has shed 11 percent over the last 24 hours. The drop seen today has taken the week-on-week losses to 24 percent. Month-on-month, the cryptocurrency is down 19 percent.
Though driven lower by the bearish news flow, the sell-off should not come as a surprise as price action analysis favors the downside toward $3,000.
Let's have a look at new developments on the technical charts that corroborate the bearish view presented 24 hours ago.
Daily chart
Weekly chart
View
- Bitcoin has already retracted close to 50 percent of the July–September rally. With the 1-hour and 4-hour RSI hovering in the oversold territory, the dips below the upward sloping 10-week SMA could be short lived.
- A move higher to $3,750-3,800 cannot be ruled out before another round of sell-off unfolds.
- In the long-term, BTC looks set to test $3,000 levels.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Ferris wheel via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
