Bitcoin Price Finds Footing Near $35K as Market Macro Conditions Badger Crypto

Daily volume on the sell-side for the Bitstamp exchange shows downside momentum also coincided with bitcoin’s recent sell-offs

article-image

source: SHutterstock

share
  • Bitcoin is trading around the $35,000 mark and is down 18% over the course of a week
  • Tensions mounting on the Ukraine border, inflation concerns and rising interest rates are adding fuel to macro market conditions

Bitcoin’s price continues to falter following hundreds of millions of dollars in liquidations on Thursday.

The world’s largest crypto by market value is currently changing hands for around $35,076, according to data by provider CoinGecko. Data also shows the crypto is down more than 18% over a seven-day period, its worst weekly showing in almost eight months.

“We are seeing a trifecta of forces coming into the new week,” Jon de Wet, CIO at Australian crypto trading firm Zerocap.

Tensions are rising on the Ukraine border, inflation concerns are finally being taken seriously by the market, and in response, the tapering and [interest rate] hiking cycle is being priced in aggressively, with risk assets being dumped.

The Nasdaq 100 ended Friday down about -2.4% and has fallen 9% over the past seven days of trading. The index is now approaching its early-October lows of around 14,400. Meanwhile, tech stocks including Apple and Google were also down by around 2.2%.

BTC/USDT – Bitstamp. Credit: Tradingview

Daily volume on the sell-side for the Bitstamp exchange shows downside momentum also coincided with bitcoin’s recent sell-offs seen Jan. 19-Jan. 22. A drop in an asset’s price on the daily time frame, alongside growing seller volume, is generally considered a bearish signal in market technician terms.

Bitcoin’s daily chart shows a sharp decline in prices — buying pressure has failed to push prices above the sloping trendline — as well as a break of the previous support near $39,000.

With all of that said, crypto on-chain data is bullish, said de Wet. He noted long-term holders were “aggressively” buying the dip.

“The net position change on exchanges for BTC is negative — which means investors are pulling BTC from exchanges, creating supply constraints, said de Wet. “Perpetual Funding rates are bouncing between negative and positive — showing indecision from shorter-term traders.”

Other cryptos in the top 10 by market value were also down on the day with LUNA, DOT and SOL giving up the most gains between 1.8% to 10% respectively.

Cryptocurrency Markets by TradingView

Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The exchange’s full approval from the UAE’s Securities and Commodities Authority marks a regulatory milestone for global crypto oversight

by Blockworks /
article-image

Founded by Coinbase and Cruise veterans, CipherOwl plans to bring artificial intelligence to blockchain monitoring and risk detection

by Blockworks /
article-image

As the shutdown enters its second week, sources say the Senate Banking Committee looks to move ahead with a market structure bill markup

article-image

The collaboration expands Ripple’s Middle East footprint, supporting Bahrain’s blockchain adoption and future rollout of Ripple USD

by Blockworks /
article-image

The medical device firm will manage its $400 million Solana holdings using Coinbase Prime infrastructure to bolster its digital asset strategy

by Blockworks /
article-image

The deal gives PayPay a 40% stake in Binance Japan, linking digital assets with Japan’s largest mobile payment network

by Blockworks /