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, danger belongings like Bitcoin (BTC/USD) took hits after Fed Chairman Powell hinted of even larger rates of interest and longer durations of upper rates of interest.

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

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 serious assist in mid-February.

If there are sufficient consumers on the space of curiosity, then BTC/USD might 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, might shock to the upside once more and assist Fed Chairman Powell’s hawkish narrative.

Considerations over China’s information releases may also 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 danger. Please learn our Danger Disclosure to be sure you perceive the dangers concerned.