Bitcoin (BTC) fell sharply on Friday after the abandonment of more than $ 35,000 led to the crushing of well-known support.

1-hour light chart BTC / USD (Bitstamp). Source: TradingView
Bitcoin is back to $ 30,000
I have been tracking data from Cointelegraph Markets Pro and TradingView BTC / USD as they lost over $ 2,500 during Friday trading.

The pair hit a local high of $ 35,400 overnight and then suddenly reversed and fell below $ 33,000.

For popular crypto trader Ed, the situation was similar to the events that happened last month after BTC / USD jumped to the $ 30,000 support for the first time.

“The current slow PA reminds me of a similar situation a few weeks ago … I thought we did 1-5 and started the next cycle, but after 1 bitcoin went up, there was a deeper correction,” he commented to his fellow timetable. … …

“I think we can get the same thing here.”

BTC / USD scenario. Source: Crypto Ed / Twitter
This will allow Bitcoin to challenge the $ 20,000 corridor that it briefly interrupted a few days ago.

As Cointelegraph reports, sentiment among many traders continues to be biased towards caution after BTC / USD fell short of the $ 37,000 target prior to its recent rejection. So far, the possibility of a new lower low is far from cards.

Interest in buying bitcoins persists
However, there are still signs of deep confidence.

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El Salvador and bitcoin law were back in the spotlight on Friday after President Nayyib Bukele announced that any eligible citizen would receive $ 30 in free bitcoins to download their wallet.

Meanwhile, institutional upside potential has emerged as the target of the Bitcoin ETF, which has continued to add its assets under management during the fall in prices.

Meanwhile, the altcoins remained unchanged, and no asset could go beyond the existing trading floors.

Source: CoinTelegraph

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