[ccpw id="5"]

Wednesday, February 15, 2023
HomeNewsBitcoin Price Plummets To Lowest Level In 2022, Will $33,000 Hold?

Bitcoin Price Plummets To Lowest Level In 2022, Will $33,000 Hold?


Bitcoin value had a treacherous weekend, capping off what has been practically a 20% loss because the Fed assembly final week. The selloff has now taken the highest cryptocurrency by market cap to the bottom level all yr, setting a big decrease low for the primary time in 2022.

With BTCUSD at $33,000 per coin, will increased timeframe month-to-month assist maintain?

Bitcoin Price Sets 2022 Lower Low: Where Is The Bottom?

Bitcoin value is down 32% from April 2022 highs, and has shed 50% from its 2021 peak. The final yr plus has been a rollercoaster of a journey for crypto buyers, setting not one, however two separate increased highs above $60,000.

Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up

Since the November EFT-driven double-top, the continued downtrend has taken BTCUSD to a decrease low in 2022 and places the 2021 low set round $29,800 in danger.

Bitcoin has touched the bottom value but in all of 2022. | Source: BTCUSD on TradingView.com

How Deep Does This Go? Will Monthly Support At $33,000 Hold?

Lower lows and decrease highs are an indication of a confirmed downtrend on timeframes between day by day and weekly. Trends can differ on a number of timeframes, so not all hope is misplaced.

Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet

Currently, the bull market construction on month-to-month timeframes stays intact. If BTCUSD can keep above the month-to-month resistance block, a double backside may kind and put in the next low.


Monthly assist is now being retested and should maintain or a bigger plunge nonetheless waits. | Source: BTCUSD on TradingView.com

Bitcoin has taken a beating over the course of the final yr attributable to a good correlation with tech shares, hovering inflation, and rising Fed rates of interest. The Crypto Fear & Greed Index has reached excessive worry and sentiment is probably the most bearish in current reminiscence.

Although the outlook is bleak, a number of the most well-known and profitable buyers ever advocate shopping for when others are in worry. Is now that point?

Follow @TonySpilotroBTC on Twitter or be a part of the TonyTradesBTC Telegram for unique day by day market insights and technical evaluation schooling. Please be aware: Content is academic and shouldn’t be thought of funding recommendation.

Featured picture from iStockPhoto, Charts from TradingView.com


Please enter your comment!
Please enter your name here


TeraWulf newest bitcoin miner to restructure debt, inventory dives (NASDAQ:WULF)

South_agency/E+ by way of Getty Images TeraWulf (NASDAQ:WULF) inventory sank 28% in Thursday afternoon buying and selling after the bitcoin...

How I might make investments $20,000 in ASX 200 dividend shares in 2023

Image supply: Getty Images We’re nonetheless pretty new to 2023, regardless of the primary month simply passing us by. But what a yr it...

NFT: Polygon beats Ethereum on OpenSea

It’s all true: Polygon, by means of the main world market OpenSea, bought extra particular person NFTs than Ethereum for the second consecutive month, in...

Most Popular