Bitcoin Meltdown: Apex Crypto Breaks Below $35,000

For the first time since Feb. 24, Bitcoin BTC/USD has broken below $35,000. The apex crypto has been ranging between about $48,000 and $33,000 since the start of 2022.

What Happened: Bitcoin has been falling since the beginning of the year, dropping from $47,881.41 on Jan. 2, all the way down to this year's lowest price so far of $33,184.06 on Jan. 24. BTC then climbed back up to $45,293.87 on Feb. 8, and then slid back down to $34,459.22 on Feb. 24.

Also Read: Bank Analysis On Why Bitcoin Can't Serve As An Inflation Hedge

Bitcoin spent most of the months of March and April in a range, marking its current high for 2022 on March 28, a peak of $48,086.84. BTC then began it current slide, attempting to hold the $40,000 level throughout April, before dropping below that key price point on April 28.

BTC has slowly declined to start the month of May, getting as high as $39,789.28 on May 5. As of Saturday, May 7, the price has once again collapsed to $34,476.54 at the time of publication on Saturday night.