Bitcoin Erases Recent Gains, But Trend to Higher Lows Still Intact (Cryptocurrency: BTC-USD)

peterschreiber.media/iStock via Getty Images

Bitcoin (BTC-USD) briefly fell below $35,000 on Tuesday for the first time in about a week, although the price chart suggests the uptrend is still ongoing.

The most famous cryptocurrency fell by 3.9% at 3:37 p.m. ET to $35.3K after hitting nearly $38K on Thursday amid growing optimism about a possible approval of a spot Bitcoin (BTC USD) exchange-traded fund.

Looking at the year-to-date chart of Bitcoin (BTC-USD), it is clear that the token’s price is making higher lows, with one low being higher than the previous low. BTC started the year at around $16.7k.

“It’s worth noting that even in a bullish market, pullbacks often occur after a significant uptrend, like what we’re seeing here,” said Greg Moritz, chief operating officer and co-founder of crypto hedge fund AltTab Capital. “This is expected and part of a healthy market. Overall price trends, market sentiment and continued growth in institutional interest in crypto all remain positive.”

BTC was not alone in the intraday weakness. Ethereum (ETH-USD) slipped 4.9% XRP (XRP-USD) fell to $1,98,000. 12.3% and BNB (BNB-USD) -1.9%. Solana (SOL-USD) was one of the few major tokens by market cap that defied the broader market correction and rose 3.7%.

Crypto-Related Stocks Were Mixed: Riot Platforms (RIOT) -0.9%Marathon Digital (MARA) +0.3%MicroStrategy (MSTR) -6.1%Coinbase (COIN) +0.4%and Bit Digital (BTBT) +5.7%.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers