Crypto-Follow logo Crypto-Follow logo
NewsBTC 2022-05-09 14:26:52

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

Bitcoin price had a treacherous weekend, capping off what has been nearly a 20% loss since the Fed meeting last week. The selloff has now taken the top cryptocurrency by market cap to the lowest point all year, setting a significant lower low for the first time in 2022. With BTCUSD at $33,000 per coin, will higher timeframe monthly support hold? Bitcoin Price Sets 2022 Lower Low: Where Is The Bottom? Bitcoin price is down 32% from April 2022 highs, and has shed 50% from its 2021 peak. The last year plus has been a rollercoaster of a ride for crypto investors, setting not one, but two separate higher 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 lower low in 2022 and puts the 2021 low set around $29,800 at risk. Bitcoin has touched the lowest price yet in all of 2022. | Source: BTCUSD on TradingView.com How Deep Does This Go? Will Monthly Support At $33,000 Hold? Lower lows and lower highs are a sign of a confirmed downtrend on timeframes between daily and weekly. Trends can differ on multiple timeframes, so not all hope is lost. Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet Currently, the bull market structure on monthly timeframes remains intact. If BTCUSD can stay above the monthly resistance block, a double bott...

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer