{"id":527142,"date":"2023-04-17T14:00:24","date_gmt":"2023-04-17T14:00:24","guid":{"rendered":"https:\/\/uniquehot.com\/?p=527142"},"modified":"2024-06-11T08:14:08","modified_gmt":"2024-06-11T08:14:08","slug":"bitcoin-price-dips-below-29500-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-dips-below-29500-heres-why\/","title":{"rendered":"Bitcoin Price Dips Below $29,500, Here’s Why"},"content":{"rendered":"

After hitting an annual high of $30,975 last Friday, the Bitcoin price is under pressure today and has fallen below $29,500 for the first time in a week. At the time of writing, BTC’s low was at $29,410.<\/p>\n

The decline comes as a surprise in that the market is actually in a “bullish vacuum” at the moment. Last week, both the Consumer Price Index (CPI) and Producer Price Index (PPI) were a significant positive surprise, propelling<\/a> the Bitcoin price to its new yearly high.<\/p>\n

In the next two weeks, there is no major macro data coming up that is likely to move the Bitcoin price heavily. Only on May 03, this will change, when the next meeting of the Federal Open Market Committee (FOMC) of the US Federal Reserve is about to take place. Thus, one can currently speak of a bullish vacuum. So why is the price falling today?<\/p>\n

Why Is The Bitcoin Price Falling Today?<\/h2>\n

The current movement of Bitcoin price can be considered as a technical correction. As analyst Ali Martinez writes<\/a>, the resistance area between $30,270-$32,150 has established itself as a tough hurdle for BTC. Around 770,000 BTC were bought from 360,000 addresses in this area.<\/p>\n

Support for Bitcoin is provided by the area between $29,330 and $30,200, where 700,000 addresses bought around 390,000 BTC. “Be cautious. If this level breaks, the next key support is at $27,600-$28,450,” Martinez warns.<\/p>\n

Related Reading: Company Of Legendary Peter Brandt Goes Long Bitcoin, Here\u2019s His Target Price<\/a><\/div>\n

Meanwhile, analyst “@exitpump” has pinpointed a reason for the current movement. “BTC spot dumping their coins, unusual big sell delta from Bitfinex. Walk price down and nuke it, perfect,” writes the analyst.<\/p>\n

He also shared the chart below, which shows that greater selling pressure is also coming from Binance, while the pressure from Coinbase is comparatively low.<\/p>\n

\"Bitcoin
Bitcoin spot dumping their coins | Source: @exitpumpBTC<\/a><\/figcaption><\/figure>\n

A similar analysis is also shared<\/a> by @52kskew. According to him, there is a spot-driven sell-off from the day opening, while there was a clean divergence between spot selling the bounce early and perps longing into the bounce. A look at liquidation data from Coinglass shows<\/a> that about $56.57 million in BTC longs were liquidated, supporting the thesis of a technical analysis.<\/p>\n

Related Reading: Bitcoin Price Retreats To $29,000 Level \u2013 Further Drop Imminent?<\/a><\/div>\n

Meanwhile, technical analyst Micha\u00ebl van de Poppe notes that he was expecting this scenario in which BTC completes a rest of the $29,200 level. He shared the chart below and expressed:<\/p>\n

There’s the sweep of Bitcoin. Now, reclaim $29.8K would trigger upwards continuation. Altcoins are not feeling the pain, yet, as they are consolidating or rallying up in the $BTC pair.<\/strong><\/p><\/blockquote>\n

\"Bitcoin
Bitcoin price prediction | Source: Twitter @CryptoMichNL<\/a><\/figcaption><\/figure>\n

At press time, the Bitcoin price stood at $29,512.<\/p>\n

\"BTC
BTC price, 1-hour chart l Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

After hitting an annual high of $30,975 last Friday, the Bitcoin price is under pressure today and has fallen below $29,500 for the first time in a week. At the time of writing, BTC’s low was at $29,410. The decline comes as a surprise in that the market is actually in a “bullish vacuum” at the moment. Last week, both the Consumer Price Index (CPI) and Producer Price Index (PPI) were a significant positive surprise, propelling the Bitcoin price to its new yearly high. In the next two weeks, there is no major macro data coming up that is likely to move the Bitcoin price heavily. Only on May 03, this will change, when the next meeting of the Federal Open Market Committee (FOMC) of the US Federal Reserve is about to take place. Thus, one can currently speak of a bullish vacuum. So why is the price falling today? Why Is The Bitcoin Price Falling Today? The current movement of Bitcoin price can be considered as a technical correction. As analyst Ali Martinez writes, the resistance area between $30,270-$32,150 has established itself as a tough hurdle for BTC. Around 770,000 BTC were bought from 360,000 addresses in this area. Support for Bitcoin is provided by the area between $29,330 and $30,200, where 700,000 addresses bought around 390,000 BTC. “Be cautious. If this level breaks, the next key support is at $27,600-$28,450,” Martinez warns. Related Reading: Company Of Legendary Peter Brandt Goes Long Bitcoin, Here\u2019s His Target Price Meanwhile, analyst “@exitpump” has pinpointed a reason for the current movement. “BTC spot dumping their coins, unusual big sell delta from Bitfinex. Walk price down and nuke it, perfect,” writes the analyst. He also shared the chart below, which shows that greater selling pressure is also coming from Binance, while the pressure from Coinbase is comparatively low. A similar analysis is also shared by @52kskew. According to him, there is a spot-driven sell-off from the day opening, while there was a clean divergence between spot selling the bounce early and perps longing into the bounce. A look at liquidation data from Coinglass shows that about $56.57 million in BTC longs were liquidated, supporting the thesis of a technical analysis. Related Reading: Bitcoin Price Retreats To $29,000 Level \u2013 Further Drop Imminent? Meanwhile, technical analyst Micha\u00ebl van de Poppe notes that he was expecting this scenario in which BTC completes a rest of the $29,200 level. He shared the chart below and expressed: There’s the sweep of Bitcoin. Now, reclaim $29.8K would trigger upwards continuation. Altcoins are not feeling the pain, yet, as they are consolidating or rallying up in the $BTC pair. At press time, the Bitcoin price stood at $29,512. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":527162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-527142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin Price Dips Below $29,500, Here's Why<\/title>\n<meta name=\"description\" content=\"After hitting $30,975 last Friday, the Bitcoin price is under pressure today and has fallen below $29,500 for the first time in a week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-price-dips-below-29500-heres-why\/\" \/>\n<meta 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Dips Below $29,500, Here’s Why","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-dips-below-29500-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-dips-below-29500-heres-why\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/iStock-1294303261-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/iStock-1294303261-1.jpg?fit=1183%2C887"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2023-04-17T14:00:24Z","datePublished":"2023-04-17T14:00:24Z","dateModified":"2024-06-11T08:14:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Dips Below $29,500, Here’s Why\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-dips-below-29500-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-dips-below-29500-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/iStock-1294303261-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/iStock-1294303261-1.jpg?fit=1183%2C887\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2023-04-17T14:00:24Z\",\"datePublished\":\"2023-04-17T14:00:24Z\",\"dateModified\":\"2024-06-11T08:14:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/iStock-1294303261-1.jpg?fit=1183%2C887","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/527142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=527142"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/527142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/527162"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=527142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=527142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=527142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}