The crypto market faced selling pressure this week, with Bitcoin price declining 3% following negative news related to top exchange Binance. BTC now tests critical support at $36,788 — a level analysts say must hold to prevent a fall toward $30,000.
The Bitcoin selloff comes as Binance founder Changpeng Zhao resigned as CEO and pled guilty to violating anti-money laundering laws. This news has weighed on market sentiment, though some experts believe it could pave the way for the approval of Bitcoin spot ETFs in the US.
If the $36,788 support level fails to contain the decline, Bitcoin price could see increased selling momentum below $36,276. That could open the door to a more significant crash toward $30,000. Alternatively, a bounce from current levels could send BTC back above $40,000 if buyers step in.
Ethereum has also struggled amid the volatile market conditions, battling to keep support at $1,935. A break below that level risks invalidating ETH’s bullish outlook and opens the path to $1,800 or lower. However, a surge above resistance at $2,009 could set the stage for an upside move toward $2,136.
Traders are monitoring Bitcoin and Ethereum price action closely, though macro uncertainty persists. Key levels on both crypto bellwethers must hold to prevent significant new losses.
