HomeBitcoin NewsWhat's Going to Happen with Bitcoin Now?

What’s Going to Happen with Bitcoin Now?

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Bitcoin continues to fall, and the price is now at its lowest since July of 2021. During that time, bitcoin was – briefly – trading at $29,000. This happened during the midway point of May 2022, though it appears the currency has shot back up to about $31,000 at press time.

As Bitcoin Crashes, Analysts Offer Technical Analyses

Scott Melker – a crypto investor and analyst – stated:

Bitcoin has fallen alongside global markets as traders and investors risk off in the face of recession and inflation concerns. Bitcoin dropped to below $30K, the tail end of which was largely the result of the Luna Guard Foundation dumping bitcoin on the market in a desperate attempt to fix the UST peg. This was insult to injury on a down day.

He also pointed out some technical aspects surrounding the asset, commenting:

The $30K psychological level remains important, although technically $33K is the area to watch for bulls to attempt to flip key resistance back to support.

Richard Usher – head of OTC Trading at BCB Group – also threw his two cents into the mix, mentioning:

Whilst the market has been fixated on a move below $30,000 in BTC being the key level, last night’s dip below was the fourth such move in the last 14 months. The key support for us is at $29,000, a break of which targets a move to $25,500 and ultimately the significant support at $20,000 which triggered the rally last year when it broke.

Julius de Kempenaer – senior tech analyst at StockCharts.com – said:

Since mid-February, BTC formed some intermediate support around $33-34K. Breaking that level downward yesterday opened the way to major support around $30K. That level is in play since the start of 2021 and should be considered a major support level. A clear break lower will free more downside risk as the next serious support level is only found near $20K which is the peak of 2017 and a cluster of smaller peaks/ highs in November 2020 just before the break that took BTC all the way to $65K. Breaking those support levels means that they will now come back as resistance and block BTC advances in the near term. The former support level in the $33-34K area is now the first resistance level to watch. Resistance levels are stacking up at $33,000, $34,700, and ultimately $40,000 which needs to be regained to call a longer-term low in place.

Will Some Crazy Moves Happen?

Collin Plume – CEO and founder of My Digital Money – mentioned:

There’s a possibility bitcoin could bounce around wildly in the next couple of months. In fact, I wouldn’t be surprised if another selloff happens to push it down. Investors are seeing the Fed interest rate hike, and all the uncertainties that come with it, as a buy opportunity. The next Fed meeting won’t be for another month, and we are certain another interest rate increase is coming.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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