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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.
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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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