Bitcoin (BTC) Continued to Plummet, Approaching the Lowest Price Since July 2021

Written by C, Fiona

Last updated: 2022-05-10

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The price has fallen for four consecutive days. As of press time, the trading price in the past 24 hours was US $33697, down about 3%.

The Bitcoin market has been in a continuous decline since it hit a record high of $69000 at the end of last year. The price has fallen for four consecutive days. In the past 24 hours of trading, the current price as of press time was US $33697, down about 3%. This is more than 50% above its historical high. Bitcoin is the cryptocurrency with the largest market value. If it falls below US $32951, it will hit a new low since July 2021. Its current price is the lowest since late January.

The Beginning of a New Market Trend

This new price point has attracted people’s attention because it may lead to more serious large-scale selling among novices, because it marks the beginning of a new market trend. For months, Bitcoin prices have fluctuated between $46000 and $35000. Analysts predicted this earlier after discovering that its three-month upward trend line showed that prices fell again from historical highs.

Both the deviation from the histogram (rscd) and the deviation from the moving average (RSI) are relatively weak. Tradingview, a chat platform, predicts that the support level may be $34322, which may be broken and stay at another support level of $32933.

The adjustment of Bitcoin price is related to the major economic decisions being made by the US government and the performance of the stock market. The NASDAQ Composite Index (INDEXNASDAQ: .IXIC) fell 5% and the Dow Jones Industrial Average (INDEXDJX: .DJI) also fell more than 1000 points, the worst one-day correction since 2020.

Recent conditions in the US job market have raised concerns that the Fed may tighten monetary conditions faster. The job market was very tight last month, according to the U.S. Department of labor. There is concern that wages may increase considerably as more employers compete for workers, putting more pressure on inflation. The expected positive action of the US central bank has also been said to be the reason for the massive sell-off in Bitcoin and stock markets.

After UST of the Terra blockchain lost its link over the weekend, the concerns of Bitcoin traders became stronger. Alternative currencies, including eth, BNB and sol, have also lost 4% of their value in the past 24 hours.

Since investors do not know how long the bear market will last, the struggle of the Bitcoin market has not affected its adoption rate in any way. Recently, the Central African Republic became the second country in the world to use Bitcoin as legal tender after El Salvador. In addition, other experts, including Antoni trenchev, CEO of cryptocurrency lending company NEXO, insisted on their prediction that digital assets would reach $100000 by the end of this year.