Bitcoin suffered a monstrous sell-off yesterday, as more whales dumped their BTC for safer assets amid growing concerns about global economic growth.

The benchmark cryptocurrency tapped its lowest point since July 2021, printing a low of $29,750 in the Asian market open yesterday. The cryptocurrency has since rebounded to the $32,000 region, where it currently clings.

There are debates about whether the flagship cryptocurrency has bottomed out with the recent crash below the critical $30,000 line. The coming hours and days will be all about recovery for the cryptocurrency as it eases out of oversold conditions. Meanwhile, the Fear and Greed Index has now dropped to its lowest point since January 8, warranting some caution against aggressive bets.

Meanwhile, my resistance levels are at $33,000, $33,750, and $34,300, and my key support levels are at $31,000, $30,000, and $29,000.

Total Market Capitalization: $1.48 trillion

Bitcoin Market Capitalization: $612.4 billion

Bitcoin Dominance: 41.2%

Market Rank: #1