Bearish signals grow as Bitcoin price drops to $35K and traders ignore the dip

The cryptocurrency market confronted a brand new wave of promoting stress on May 28 as Bitcoin (BTC) price dropped to $35,100 and traders appear typically disinterested in purchase the dip forward of the weekend.

Despite the draw back strikes seen throughout the market over the previous couple 2 weeks, institutional traders have for the most half held firm in their resolve to keep dedicated to cryptocurrencies however the absence of ‘we purchased the dip’ bulletins have retail traders questioning if Bitcoin price is in for additional draw back.

BTC/USDT 4-hour chart. Source: TradingView

While some analysts see the chance of Bitcoin falling as low as $20,000 as the worst case state of affairs, the total price trajectory of BTC remains skewed to the upside with the weekly development of upper lows nonetheless intact.

Altcoins take a tumble alongside Bitcoin

Altcoins additionally pulled again sharply on Friday as market uncertainty forward of the Memorial Day weekend led to a low quantity and the present risk-averse atmosphere diminished the influence of serious bulletins like Polygon (MATIC) integrating its datasets into Google Cloud expertise.

Despite the market-wide pullback, there have been a number of tokens that managed to rally. Helium (HNT) surged 28% to a brand new all-time excessive at $23.01 following a tweet saying that the challenge had surpassed 45,000 energetic hotspots worldwide that present decentralized wi-fi protection for web of issues (IoT) gadgets.

MaidSafeCoin (MAID) additionally noticed a 20% rally to hit an intraday excessive at $0.52 after the launch of its v2 testnet and Zcash (ZEC) gained 5% and now trades at $159.

Daily cryptocurrency market efficiency. Source: Coin360

The total cryptocurrency market cap now stands at $1.567 trillion and Bitcoin’s dominance price is 42.8%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Every funding and buying and selling transfer includes danger, it is best to conduct your individual analysis when making a call.

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