Bitcoin Faces Severe Resistance at $35,000

Bitcoin has retreated below the $32,000 support level in the previous 24 hours. The digital currency was hovering around $35,000 barrier mark earlier this week, but it has now retraced as anxious investors started liquidating. Bitcoin has dropped by something like 5%, shedding over $2,000 in only a few hours, as per our statistics.

The cause of the drop is still unknown, with a majority of analysts attributing to technical changes. Following the drop, some members of the community have urged Elon Musk to promote Bitcoin. Crypt0men, a Twitter user, encouraged the industrialist to boost BTC.

The suggestion appeared to compliment Elon Musk, who has been tweeting about joke currencies and avoiding Bitcoin in recent times. Elon Musk’s latest attempt to pump DOGE, on the other hand, has been fruitless, with prices barely affecting the meme currency at times and it losing most of its gains immediately after his activity.

However, as a powerful figure in the business world, his engagement in the crypto sector, whether favourable or unfavourable, may have a significant influence on the whole market. With Bitcoin trading rangebound, the market is split on the crypto king’s next potential effort. A number of investors predict Bitcoin will hold over $30,000 in a poll conducted by famous trader Peter Brandt.

This is still a serious position for the asset, with a break subjecting the asset to a drop.

Nevertheless, just 30% of the over 30,000 respondents anticipate Bitcoin to retain its value, while another 26% anticipate it to go under $20,000. About a quarter of those polled believe Bitcoin will trade in the range of $20,000 of $25,000.

JPMorgan analysts in recent times projected that Bitcoin will drop below $25,000 this month. It seemed doubtful, though, that it would fall below $25,000 in value. Bitcoin critic Peter Schiff cautioned that the commodity may quickly slide to $10,000, a level where it has toiled for the past few years. If Bitcoin falls below $20,000, it may tumble to these depths.