Bitcoin – W1 Chart
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Investing.com – Bitcoin’s correlation with the , and more generally risk aversion in the markets are penalizing Bitcoin, which was unable to hold above $30,000.
The is indeed moving to $28,700 at the time of writing this article on Thursday morning, in the wake of the American stock exchanges, and more particularly the Nasdaq which collapsed by nearly 5% yesterday.
If the cryptocurrency fails to quickly regain the key $30,000 threshold, it could revisit last week’s low, also a 2022 annual low, at $26,600.
Then, the long-term charts do not allow us to identify any credible support before the major psychological threshold of $20,000, except for the 200-week moving average currently around $22,000.
Bitcoin’s fall could therefore accelerate sharply over the next few days, as the cryptocurrency is currently posting its 7th consecutive week of losses, a first in its short history.
As for the other main cryptocurrencies, it should be noted that Ethereum fell back below the key threshold of $1900, down 8% over 24 hours and 7.6% over one week, a much worse performance than BTC.
It is, however, the one with the biggest drop in the crypto top 10 at the time of writing, with a decline of almost 13% since yesterday.