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Bitcoin (BTC) Breaks Major Support as Global Risk Outlook Sours


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Bitcoin (BTC) Chart and Evaluation

  • Bitcoin slumps, dragging the crypto market down with it.
  • Global markets flip risk-off.

No sooner had I posted an article highlighting the dearth of Bitcoin volatility and sideways value motion, than the market turned sharply decrease with Bitcoin slicing by means of multi-month assist with relative ease. The sell-off has continued in the present day 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 trying 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 will likely go away room for the Fed to disappoint, particularly if chair Powell elements within the latest heavy sell-off in world 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 thus far produced no tangible outcomes, whereas US President Biden warned yesterday that Russia would pay a ‘heavy value’ if it invaded Ukraine.

The subsequent space of assist for Bitcoin is seen between $37.3k and $37.5k earlier than an important space of assist between $29ok and $30ok comes into play. If this space holds then the market will probably flip larger and retrace larger, if not then sellers are more likely to dominate value motion and push the pair sharply decrease.

Bitcoin Each day Worth Chart January 21, 2022

BTC January 21 2022.

Chart through Professional Realtime

The Bitcoin sell-off induced main waves throughout the cryptocurrency house with all altcoins coming underneath heavy promoting strain, together with the latest market favorites. Solana at the moment trades round $189 after having printed an ATH of $259 in early November….

Solana Price Chart

…whereas Cardano continues to print a collection of decrease highs, regardless of final week’s rally…

BTC Cardano.

…the each day Close to Protocol chart stays optimistic in the long run however within the brief time period may even see additional losses particularly if the assist space and final larger low round $13.13 are damaged…


…whereas Concord additionally must preserve maintain of the final larger low to allow it to push larger over an extended timeframe.

Charts through TradingView

What’s your view on Bitcoin – bullish or bearish?? You’ll be able to tell us through the shape on the finish of this piece or you may contact the creator through Twitter @nickcawley1.

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