Bitcoin crashes by $7000
The price of the first cryptocurrency on Sunday fell to $34,500 on the exchanges due to selling pressure. On the futures exchanges, the value of the cryptocurrency fell to $35,000.
While the correction seemed to be going deeper, bull traders stepped in and supported the cryptocurrency at key technical levels. This allowed Bitcoin to rise to $38,900 and practically regain its position.
Analysis of the situation can be traced to this diagram, made after the rebound. The screenshot shows the key support levels during the fall. On BitMEX, support was $35,000.
Despite the fact that BTC held its position well, the high level of funding in the cryptocurrency asset futures markets raises concerns. The rates are shifted in the positive direction.
Despite the rebound in prices, analysts are optimistic. The bullish trend remains unchanged. This is indicated by the fact that this is the second fall in Bitcoin to the amount of 34-35,000 dollars with a subsequent return to progressive growth.