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Experts: the «bearish» cryptocurrency market will continue under one condition


September, 22 2022
watermark Economic news

Analysts suggest that the «bearish» market in the cryptocurrency sector will continue if the main currency in terms of capitalization, bitcoin, confirms its recent decline and fixes below the $20,000 mark. Based on the technical analysis of the current picture, experts suggest that the secondary support level of BTC is $13,900.


Currently, bitcoin is testing the support range of $18,300–$19,500 after a sell-off caused by the release of US inflation data for August last week. The current BTC quote is $18,910. 


Yesterday, after the US Federal Reserve announced another rate hike by 75 basis points, the bitcoin exchange rate fell to $18,358. 


Analysts also note that if bitcoin confirms a fall below the support range (in the form of 2 consecutive weekly closures below $18,300), the risk of a decline to secondary support around $13,900 will increase. Moreover, the weakening of bitcoin will spread to other cryptocurrencies. 


However, bitcoin still has a chance to change its «bearish» trajectory to «bullish», analysts say. The fall may be replaced by growth if the cryptocurrency avoids a confirmed decline below the support level and restores resistance at $22,000.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.