buy Bitcoin had a cheating weekend, closing a loss of almost 20% since last week’s Fed meeting. Selloff has now taken the highest cryptocurrency by market cap to its lowest point all year, setting a lower level for the first time in 2022.
With BTCUSD at $ 33,000 per coin, will it support a higher monthly period?
Bitcoin Price Sets 2022 Down: Where’s the Bottom?
The price of Bitcoin is down 32% from its April 2022 high, and is already down 50% from its 2021 peak. Plus last year has been a rollercoaster for crypto investors, not setting one, but two higher above $ 60,000.
Since the November double -driven EFT, the downward trend has continued to push BTCUSD to its lowest point in 2022 and make it the lowest risk in 2021 around $ 29,800.
Bitcoin has touched the lowest price yet in all of 2022. | Source: BTCUSD on TradingView.com
How deep is this? Will Monthly Support $ 33,000?
Lower lows and lower highs are signs of a confirmed downward trend in the timeframe between daily and weekly. Trends can vary over many time frames, so not all hope is lost.
Related Reading | Time Vs Price: Why This Bitcoin Correction Is The Most Painful
Currently, the structure of the cattle market in the monthly timeframe remains intact. If BTCUSD can stay above the monthly resistance block, a double bottom can be formed and placed below the higher one.
Monthly support is now being retested and must hold or a larger plunge still waits. | Source: BTCUSD on TradingView.com
Bitcoin has been on the decline over the past year due to its tight correlation with technology stocks, rising inflation, and rising Fed interest rates. The Crypto Fear & Greed Index has reached its most bearish fear and sentiment in recent memory.
Despite the bleak prospects, some of the most well -known and successful investors have encouraged buying when others are afraid. Now is it time?
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Featured image from iStockPhoto, Charts from TradingView.com