Bitcoin extends its bearishness, targeting the $30,000 value area – levels never explored since July 2021.
- This weekend saw Bitcoin dropping to sub-$35,000, traversing value areas not seen since February.
- The broad market continues to crash without a relief rally following Thursday’s crash.
- BTC’s technical indicators flash red, with the crypto staying well under the 50-day Exponential Moving Average.
Saturday sessions saw Bitcoin plunging for a 3rd successive day as the cryptocurrency marketplace failed to control Thursday’s Fed-induced crash. Investor sentiment amid fed fiscal policy and inflation weakened further into the weekend. Bears remain in the front seat with no direction from the U.S markets until Monday.
Bitcoin dropped another 1.50% on Saturday. And Friday’s 1.47% slide saw the bellwether crypto ending the day near $35,469. Meanwhile, the overall market capitalization lost about $180 billion between Thursday and Saturday.
BTC Fear and Greed Index Reverses
Early sessions today (Sunday) saw the Fear and Greed Index sliding to 18/100 from 23/100. That had the metric dipping further into the extreme fear territory. The Index touched monthly highs at 53/100 on 5 April, which matched the $47K revisit by BTC before reverses emerged.
The extreme fear readings show dimmed hopes by investors as far as near-term increases are concerned, matching technical indications.
BTC Price Action & Technical Indicators
Bitcoin traded near $34,667 at this publication, losing 2.27%. Bearishness early on Sunday saw BTC violating the initial massive support at $34,828. The crypto needs a move past the $34,828 foothold and the $35,478 pivot to eye the initial resistance at $36,119. Nevertheless, broad market support is crucial to break beyond $35,500.
Extended rallies in the coming sessions can see BTC testing the $36,119 resistance beyond eyeing the hurdle at $38,062. However, failure to keep the pivot and initial support away might trigger declines to the foothold at $34,186. Further weakness will push Bitcoin to $33,500 before hitting $32,895.
The EMAs and 4hr candle chart reveal bearish signals. BTC stays beneath the 50-dayEMA at $37,518. The 50-dayEMA drifted from the 100-dayEMA early today, ensuring downward momentum.
Moreover, the 100-dayEMA dropped from the 200-day Exponential Moving Average, presenting a negative picture for BTC. A move past the 50-day Exponential Moving Average would back upticks, targeting $38,000.