Bearish signals mount as Bitcoin price drops to $ 35,000 and traders ignore the dip

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The cryptocurrency market faced a new wave of selling pressure on May 28 as the price of Bitcoin (BTC) fell to $ 35,100 and traders in general appear disinterested in buying the slump before the weekend.

Despite the downward movements seen in the market over the past two weeks, institutional investors have for the most part held on to their determination to continue subscribing to cryptocurrencies, but the lack of “we bought the dip” announcements makes retailers wonder, whether bitcoin price is for other downsides.

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BTC / USDT 4-hour chart. Source: TradingView

While some analysts see the possibility of Bitcoin falling as low as $ 20,000 as a worst-case scenario, overall BTC price action remains on the upside, with the weekly trend towards higher lows still intact.

Altcoins crash along with Bitcoin

Altcoins also fell sharply on Friday as market uncertainty led to low volume ahead of Memorial Day weekend and the current risk averse environment mitigated the impact of major announcements like Polygon (MATIC), which integrates its datasets with Google Cloud technology.

Despite the market-wide pullback, there were some tokens that rebounded. Helium (HNT) rose 28% to a new all-time high of $ 23.01 after a tweet announced that the project had exceeded 45,000 active hotspots worldwide, providing decentralized wireless coverage for Internet of Things (IoT ) Offer.

MaidSafeCoin (MAID) also rallied 20% after launching its v2 testnet, hitting an intraday high of $ 0.52, and Zcash (ZEC) gained 5% to trade at $ 159.

Daily performance of the cryptocurrency market. Source: Coin360

The total market cap of the cryptocurrency is now $ 1.567 trillion and the dominance of Bitcoin is 42.8%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.