Bitcoin (BTC) Chart and Analysis
- Bitcoin slumps, dragging the crypto market down with it.
- Global markets flip risk-off.
No sooner had I posted an article highlighting the shortage of Bitcoin volatility and sideways value motion, than the market turned sharply decrease with Bitcoin slicing by multi-month help with relative ease. The sell-off has continued at this time with BTCUSD touching a low of $37.7k earlier earlier than easing again to $38.5k. Macro drivers proceed to direct Bitcoin at current with the Federal Reserve seeking to not solely begin a collection of rate of interest hikes imminently however to additionally pare again the latest financial largesse that has fueled threat markets since Q1 2020. Markets’ expectations of a hawkish Fed assembly subsequent week are excessive and this may increasingly go away room for the Fed to disappoint, particularly if chair Powell elements within the latest heavy sell-off in international threat markets.
The markets are additionally trying nervously at any potential Russian incursion into Ukraine with an estimated 100,00 Soviet troops stated to be close to the border. A collection of talks between the US and Russia have to this point produced no tangible outcomes, whereas US President Biden warned yesterday that Russia would pay a ‘heavy price’ if it invaded Ukraine.
The subsequent space of help for Bitcoin is seen between $37.3k and $37.5k earlier than a vital space of help between $29k and $30k comes into play. If this space holds then the market will seemingly flip greater and retrace greater, if not then sellers are more likely to dominate value motion and push the pair sharply decrease.
Bitcoin Daily Price Chart January 21, 2022
Chart through Pro Realtime
The Bitcoin sell-off precipitated main waves throughout the cryptocurrency area with all altcoins coming below heavy promoting stress, together with the latest market favorites. Solana presently trades round $189 after having printed an ATH of $259 in early November….
…whereas Cardano continues to print a collection of decrease highs, regardless of final week’s rally…
…the day by day Near Protocol chart stays constructive in the long run however within the brief time period may even see additional losses particularly if the help space and final greater low round $13.13 are damaged…
…whereas Harmony additionally must maintain maintain of the final greater low to allow it to push greater over an extended timeframe.
Charts through TradingView
What is your view on Bitcoin – bullish or bearish?? You can tell us through the shape on the finish of this piece or you possibly can contact the creator through Twitter @nickcawley1.
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