What A Decline Under $35,511 Would Mean For The Price Of bitcoin

Bitcoin has lost its footing at $37,000 and has now slipped into the $36,000 territory, sending the market into another frenzy of fear. It comes on the back of widespread speculations that the digital asset had indeed hit its bottom. But with the current trend, the digital asset may end up sliding down further. To this end, Fundstrat analyst Mark Newton has laid out the possibilities for bitcoin if it declines further than $35,511.
What Happens Below $35,511
Technical analyst Mark Newton has put forward a bullish outlook for bitcoin if it falls below this point. He told Bloomberg that a decline under this would inevitability lead to a test of $32,950. Also adding that the price of the digital asset moving above $40,000 would be an important point for the bulls.
Related Reading | Double Threat: Bitcoin And Ethereum, Start Of Bear Market Or Bullish Consolidation?
However, the market has seen massive sell-offs close to this price point in recent times that Newton’s predicted point for the bulls is yet to be hit. With the digital asset suffering so many price dips in such a short period of time, bitcoin looks more likely to fall below $35,511 than it is to give bulls a much-needed pull above the $40,000 point. The Fundstrat analyst explained that without reaching this point, the asset would remain on a downward trend.
“Until $40,000 is exceeded on a daily close, it remains in a downward sloping pattern, and it’s tough to rule out further weakness technically speaking,” the analyst said.
This reflects the cautious way of thinking that Newton is using to look at the market. At a point like this, there is no way to tell for sure what the market will do, so being wary is the best cause of action.
Bitcoin Bottom Is Not In
The technical analyst also touched on the bitcoin bottom, sharing thoughts that deviated from current trends. Newton said that the bitcoin bottom is not in yet. Instead, the analyst believes that the bottom will come in over the next few months.
Related Reading | Bitcoin Halving To Bring The Subsequent Crypto Frenzy
As for the recovery recorded following the market crash, he explained that it is only temporary. Furthermore, does not believe that it is an indicator that there will be an intermediate-term rally. “This minor two-week bounce might still be premature in expecting a new intermediate-term rally has begun,” Newton added.

BTC trending at $36K | Source: BTCUSD on TradingView.com
Bitcoin’s price still remains firmly in the $36,000 territory, suggesting that the short-term rally might be over. Bearish sentiment is the order of the day with market sentiment falling deep into extreme fear.
Bitcoin is trading at $36,800 at the time of this writing.
Featured image from CCN.com, chart from TradingView.com

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 42,374.35
ethereum
Ethereum (ETH) $ 2,231.24
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 231.37
xrp
XRP (XRP) $ 0.615354
solana
Solana (SOL) $ 60.91
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,234.22
cardano
Cardano (ADA) $ 0.403739
dogecoin
Dogecoin (DOGE) $ 0.090486
tron
TRON (TRX) $ 0.103104
chainlink
Chainlink (LINK) $ 15.50
the-open-network
Toncoin (TON) $ 2.40
avalanche-2
Avalanche (AVAX) $ 22.37
matic-network
Polygon (MATIC) $ 0.798292
polkadot
Polkadot (DOT) $ 5.64
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,296.33
shiba-inu
Shiba Inu (SHIB) $ 0.000010
litecoin
Litecoin (LTC) $ 72.42
dai
Dai (DAI) $ 0.999894
bitcoin-cash
Bitcoin Cash (BCH) $ 242.59
uniswap
Uniswap (UNI) $ 6.19
leo-token
LEO Token (LEO) $ 3.73
okb
OKB (OKB) $ 57.53
stellar
Stellar (XLM) $ 0.120594
monero
Monero (XMR) $ 169.54
kaspa
Kaspa (KAS) $ 0.140879
ethereum-classic
Ethereum Classic (ETC) $ 20.00
true-usd
TrueUSD (TUSD) $ 1.00
cosmos
Cosmos Hub (ATOM) $ 9.69
crypto-com-chain
Cronos (CRO) $ 0.095590
internet-computer
Internet Computer (ICP) $ 5.02
filecoin
Filecoin (FIL) $ 4.75
near
NEAR Protocol (NEAR) $ 2.20
hedera-hashgraph
Hedera (HBAR) $ 0.064932
lido-dao
Lido DAO (LDO) $ 2.38
aptos
Aptos (APT) $ 7.46
thorchain
THORChain (RUNE) $ 6.39
bittensor
Bittensor (TAO) $ 333.33
immutable-x
Immutable (IMX) $ 1.45
vechain
VeChain (VET) $ 0.024793
mantle
Mantle (MNT) $ 0.574079
blockstack
Stacks (STX) $ 1.18
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.75
quant-network
Quant (QNT) $ 100.97
aave
Aave (AAVE) $ 97.00
the-graph
The Graph (GRT) $ 0.152740
arbitrum
Arbitrum (ARB) $ 1.07
injective-protocol
Injective (INJ) $ 16.15