Bitcoin Price Plummets To Lowest Point In 2022, Will $33,000 Hold?

    Bitcoin price had a treacherous weekend, capping off what has been practically a 20% loss because the Fed assembly final week. The selloff has now taken the highest cryptocurrency by market cap to the bottom level all 12 months, setting a big decrease low for the primary time in 2022.

    With BTCUSD at $33,000 per coin, will greater timeframe month-to-month help maintain?

    Bitcoin Price Sets 2022 Lower Low: Where Is The Bottom?

    Bitcoin value is down 32% from April 2022 highs, and has shed 50% from its 2021 peak. The final 12 months plus has been a rollercoaster of a trip for crypto traders, setting not one, however two separate greater highs above $60,000.

    Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up

    Since the November EFT-driven double-top, the continued downtrend has taken BTCUSD to a decrease low in 2022 and places the 2021 low set round $29,800 in danger.


    Bitcoin has touched the bottom value but in all of 2022. | Source: BTCUSD on

    How Deep Does This Go? Will Monthly Support At $33,000 Hold?

    Lower lows and decrease highs are an indication of a confirmed downtrend on timeframes between every day and weekly. Trends can differ on a number of timeframes, so not all hope is misplaced.

    Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet

    Currently, the bull market construction on month-to-month timeframes stays intact. If BTCUSD can keep above the month-to-month resistance block, a double backside may type and put in a better low.


    Monthly help is now being retested and should maintain or a bigger plunge nonetheless waits. | Source: BTCUSD on

    Bitcoin has taken a beating over the course of the final 12 months because of a decent correlation with tech shares, hovering inflation, and rising Fed rates of interest. The Crypto Fear & Greed Index has reached excessive concern and sentiment is essentially the most bearish in latest reminiscence.

    Although the outlook is bleak, a few of the most well-known and profitable traders ever advocate shopping for when others are in concern. Is now that point?

    Follow @TonySpilotroBTC on Twitter or be a part of the TonyTradesBTC Telegram for unique every day market insights and technical evaluation schooling. Please be aware: Content is instructional and shouldn’t be thought-about funding recommendation.

    Featured picture from iStockPhoto, Charts from

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