After a rejection of Bitcoin above $35,000, a rally toward familiar support caused Bitcoin ( ) to plummet precipitously on Friday
Bitcoin heading back towards $30,000
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD lost over $2,500 on Friday during trading.
After hitting local highs of $35,000.00 overnight, the pair abruptly reversed their trajectory and fell below $33,000.
Popular trader Crypto Ed said that the situation was very similar to what happened last month when BTC/USD hit $30,000 support.
"Current, sluggish Pennsylvania reminds me of a similar scenario a few weeks back. "I thought we did a 1-5 cycle and began the next cycle, but after one more top, BTC made an even deeper correction," he stated in an accompanying chart.
This would allow Bitcoin to reclaim the $20,000 corridor that it briefly entered several days ago.
Cointelegraph reported that traders remain cautious after BTC/USD failed reach its $37,000 target. It is possible that a lower low may be in the future.
BTC purchase interest is still
However, there are still signs of confidence.
After President Nayib Bukele announced Friday that all eligible citizens would get $30 in BTC to download its wallet, El Salvador was once again in the spotlight .
The Purpose bitcoin ETF was another example of institutional bullishness. It continued to increase its assets throughout the price drop.
Altcoins remained flat while altcoins remained largely unchanged, with no one asset breaking out of the established trading zones.