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...
