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Experts: the «bearish» cryptocurrency market will continue under one condition

September, 22 2022
watermark Economic news

Analysts suggest that the «bearish» market in the cryptocurrency sector will continue if the main currency in terms of capitalization, bitcoin, confirms its recent decline and fixes below the $20,000 mark. Based on the technical analysis of the current picture, experts suggest that the secondary support level of BTC is $13,900.

Currently, bitcoin is testing the support range of $18,300–$19,500 after a sell-off caused by the release of US inflation data for August last week. The current BTC quote is $18,910. 

Yesterday, after the US Federal Reserve announced another rate hike by 75 basis points, the bitcoin exchange rate fell to $18,358. 

Analysts also note that if bitcoin confirms a fall below the support range (in the form of 2 consecutive weekly closures below $18,300), the risk of a decline to secondary support around $13,900 will increase. Moreover, the weakening of bitcoin will spread to other cryptocurrencies. 

However, bitcoin still has a chance to change its «bearish» trajectory to «bullish», analysts say. The fall may be replaced by growth if the cryptocurrency avoids a confirmed decline below the support level and restores resistance at $22,000.

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