Share this article
BTC
$83,370.38
-
0.69%ETH
$1,808.24
-
0.37%USDT
$0.9998
+
0.02%XRP
$2.1417
+
0.90%BNB
$591.51
-
0.96%SOL
$120.03
-
0.80%USDC
$1.0002
+
0.02%DOGE
$0.1683
-
1.17%ADA
$0.6496
-
1.89%TRX
$0.2360
-
1.08%LEO
$9.1333
-
0.63%LINK
$12.83
-
0.71%TON
$3.2498
-
1.67%XLM
$0.2527
-
2.69%SHIB
$0.0₄1232
-
0.14%AVAX
$17.44
-
4.17%SUI
$2.1951
-
2.38%HBAR
$0.1612
-
1.22%LTC
$82.55
-
2.49%OM
$6.2387
-
0.08%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
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.
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%.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
