Wednesday, June 7, 2023
HomeForexCrypto Watchlist: Bitcoin (BTC/USD) Is Approaching a Key Assist Zone!

Crypto Watchlist: Bitcoin (BTC/USD) Is Approaching a Key Assist Zone!


Bitcoin is now buying and selling under the $22K mark!

Will there be sufficient consumers within the subsequent assist zone to stem BTC/USD’s downtrend?

Earlier this week, threat belongings like Bitcoin (BTC/USD) took hits after Fed Chairman Powell hinted of even larger rates of interest and longer intervals of upper rates of interest.

It additionally didn’t assist that Silvergate Capital, a significant lender to the crypto trade, has introduced that it’ll wind down its operations and endure “voluntary liquidation” that features “full reimbursement of all deposits.” This comes after the corporate noticed a “latest turmoil” and the “digital asset trade underwent a transformational shift.”

Bitcoin (BTCUSD) 1-Hour Chart

Bitcoin (BTCUSD) 1-Hour Chart by TradingView

Not surprisingly, BTC/USD ended up retesting after which finally breaking under the closely-watched $22,000 psychological deal with.

However how low can BTC/USD go?

I’m paying attention to the $21,500 zone that served as resistance in mid-January after which a significant assist in mid-February.

If there are sufficient consumers on the space of curiosity, then BTC/USD may bounce again to the $22,500 consolidation and 200 SMA ranges.

However BTC/USD’s subsequent strikes will nonetheless depend upon this week’s headlines.

This week’s U.S. NFP report, for instance, may shock to the upside once more and assist Fed Chairman Powell’s hawkish narrative.

Issues over China’s information releases also can proceed to weigh on risk-taking and drag BTC/USD decrease.

If BTC/USD breaks under the $21,500 assist ranges, then short-term merchants can eye the $21,000 and even the $20,500 areas of curiosity for potential revenue targets.

This content material is strictly for informational functions solely and doesn’t represent as funding recommendation. Buying and selling any monetary market entails threat. Please learn our Danger Disclosure to be sure you perceive the dangers concerned.

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