The crypto market faced selling pressure this week, with itcoin">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 itcoin">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 itcoin">Bitcoin spot ETFs in the US.
If the $36,788 support level fails to contain the decline, itcoin">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 itcoin">Bitcoin and Ethereum price action closely, though macro uncertainty persists. Key levels on both crypto bellwethers must hold to prevent significant new losses.
