However, with the MACD line (blue) crossing beneath the signal line on the daily chart, BTC’s path with the slightest resistance is likely to remain downward in the coming sessions. The momentum indicator recently failed to cross above the zero line, a move that could have bolstered the bellwether cryptocurrency significantly upward. The Moving Average Convergence Divergence (MACD) indicator has a bearish signal. Why Bitcoin Price Downtrend Seems Unstoppable Besides, all technical levels and indicators point toward a potentially massive downswing in the coming sessions. A value of 10,000 may still seem like a lot but Bitcoin was trading at 69,000 (£51,000) back in November. One finance expert thinks Bitcoins worth could tank as low 10,000 (£7,400) per coin. Support is expected at $28,000, which may trigger immense sell orders and investor panic if broken. BITCOIN has been predicted to crash in 2022 and the value of the cryptocurrency fell dramatically earlier today. At the time of writing, Bitcoin teeters at $29,800 amid massive bearish signals. So far, bitcoin is down about 70 per cent. Previous downturns in 20 saw the price fall more than 80 per cent from then-record highs. Meanwhile, overhead pressure soared as bulls bowed, leaving the crucial levels at $31,000 and $30,000 vulnerable. Meanwhile, the crypto crash could get a lot worse. Bitcoin slumped to a new two-year low on Thursday, with the broader crypto market in freefall after major exchange Binance withdrew a bailout offer for beleaguered peer FTX, raising doubts over its future and souring sentiment. The crash on Monday took a pit stop at $31,000, but recovery attempts failed to rise above $33,000. Consumer prices are surging at the fastest annual pace in over four decades. A report published by Reuters said that China’s central bank had a meeting with banks and gave instructions to freezing all payment channels supporting Bitcoin trading.Īs the news reverberated in the market, Bitcoin resumed the downtrend, wiping all the accrued gains in the second week of June. Why are cryptos falling so sharply Because they are being hit by the same factors impacting stocks and other assets. The ongoing downtrend kicked off amid rumors that China was purging Bitcoin and all crypto-related activities from its borders on Monday. Bitcoin Price Selloff Intensifies Under $30,000 However, BTC failed to recover the ground, adding credence to the bearish outlook. The initial drop under $40,000 was expected to close the most recent CME gap to $37,000.
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