Bitcoin (BTC) A little deeper yesterday. Also this morning, Bitcoin may be about to lose momentum again. The financial markets at the moment are very uncertain and the fear in the cryptocurrency market has also increased in recent days.
Bitcoin Fear and Greed indicator is 25 ~ Fear
Current price: $40,133 pic.twitter.com/xqekJYiAGgBitcoin Fear and Greed Indicator February 19, 2022
Bitcoin price drops deeper
Thursday morning Bitcoin price It fell sharply, dropping as much as 8.4% from $44,000 to $40,300 in half a day. Bitcoin stayed there Thursday night and then started to recover a bit. However, when the bitcoin price reached $41,000 yesterday morning, it was rejected again and fell further.
Late yesterday afternoon, Bitcoin dropped below $40K twice and then touched $39,800. For the rest of the evening, Bitcoin settled above $40,000 and rose to $40,250 last night. This morning, Bitcoin rose a bit more and touched $40,400, but then the price started dropping again. At the time of writing, Bitcoin is down again to $40K Binance And 35,300 euros and above Petavavo The price seems to be struggling to hold on to this.
Analysts are eyeing a long-term rally, but fear a deeper pullback
The two main reasons for this decline are the heightened tensions between Russia and Ukraine, as well as concerns about the Fed’s rate hike in March. Both factors cause a lot of fear and volatility in the traditional financial markets and this sentiment is carried over to cryptocurrencies. Risky assets are glowing red as gold rallies and bitcoin is currently showing a higher correlation with the S&P 500 than with gold.
# bitcoin Barely hanging above $40K, this mid-size drop coincided with the end of the week with #SP500 Once again go down. at the same time, #gold It rose to an 8-month high. Search BTC dollars Break the correlation to be a sign of a positive breakout. https://t.co/QyUyr5Zgzz pic.twitter.com/8481wsk1vk
– Santimentfeed February 19, 2022
Opinions among analysts are currently divided. Although many analysts claim that relatively little remains to be done, some analysts fear a deeper pullback. If the current space fails between $39,600 and $40,000, the price could drop again. In a more positive scenario, support will be located around $36000-$38000. In the most negative scenario, Bitcoin could fall back towards $33,000 like last month, or even below $30,000 toward $28,000 like last summer. Despite this, most analysts remain stern rising The long-term.
a lot to say # bitcoin Depends on macroeconomic conditions. While this is certainly true, how bad can it get?
Here are the two levels I’m watching:
🟥 Base case > = mezzanine, 36.3 kg
⬛️ Worse Conditions >= Ground, 28.4 K
Less – even with a crazy macro – is historically unlikely. pic.twitter.com/HpzM2cbnAl– 🥕 (therationalroot) February 18 2022
There were only 2 occasions where 1 year + HODL’ing # bitcoin higher (currently 61%).
Early 2016, price range $380-450
Mid 2020, Price ~ $9000Both times were during prolonged consolidation before a huge upward movement
– Alistair Milne February 18 2022
Bottoms don’t look bullish, which is why 95% of people miss them. The tops don’t look bearish, which is why 95% of people aren’t making profits there. The people who said $3,500 wasn’t a low last time are the same people who say we’re not rock bottom here. The charts are still bullish
– IncomeSharks (IncomeSharks) February 18 2022
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