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Bitcoin Slides to 3-Month Low to Below $34K
Digital-asset analysts warned late last week that price-chart trends had turned bearish for the largest cryptocurrency.
Updated May 11, 2023, 4:35 p.m. Published May 8, 2022, 6:53 p.m.
Bitcoin (BTC) fell to a three-month low Sunday, days after crypto analysts warned that price charts were sending bearish signals.
- The bitcoin price was around $34,500 as of press time, down 3.8% over the past 24 hours.
- BTC price has fallen for four straight days.
- Early Sunday, the largest cryptocurrency slid to $33,710, the lowest since Jan. 24.
- If the price falls below $32,951, it would hit a new low since last July.
- Bitcoin had stayed mostly between $35,000 and $46,000 for the past couple months, and so the latest price decline might mark the beginning of a new trend.
- Popular price-chart indicators were leaning bearish late last week, as bitcoin's price broke below a three-month rising trend line.
- A U.S. Labor Department report on Friday showed that employment growth stayed robust last month at a level that should continue to worry the Federal Reserve about a tight jobs market. As more employers compete for workers, wages might start to escalate, adding to inflationary pressures and forcing the Fed to tighten monetary conditions faster. Recently, bitcoin has reacted negatively along with stocks to more aggressive actions by the U.S. central bank.
- Some traders may have been rattled by data showing that the Terra blockchain's stablecoin, UST, briefly lost its peg on Saturday. The Luna Foundation Guard, which maintains a standby reserve that kicks in if the "algorithmic stablecoin" falls below $1, held about $3 billion of bitcoin as of last week.
- Bitcoin's all-time high reached last November was almost $69,000, and so a price drop below $34,500 represents a correction of more than 50%.
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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.
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Bitcoin Holds Near $92K as Selling Cools, but Demand Still Lags
ETF inflows have finally turned positive, but weak on-chain activity, defensive derivatives positioning, and negative spot CVD show a market stabilizing without the conviction needed for a sustained move higher.
What to know:
- Bitcoin markets in Asia are stabilizing but remain structurally weak, with short-term holders dominating supply.
- U.S. ETF flows have shown signs of stabilization, but on-chain activity remains near cycle lows, indicating weak capital inflows.
- Bitcoin and Ether have seen price recoveries driven by spot demand and improved sentiment, while gold is supported by U.S. labor data and Fed rate cut expectations.
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