Bitcoin rate fell sharply after the events in the USA and Kazakhstan

  • The bitcoin rate fell by 6.6% per day
  • The main reason is US policy on interest rates
  • The protests in Kazakhstan also played a role

The situation on the bitcoin chart again reflected the picture of events, unfolding on the world stage. It began to fall just a few minutes after the closure of the US Federal Reserve meeting. The American regulator confirmed its readiness to cut its balance sheet and raise interest rates in the new year. Another reason for the crisis is protests in Kazakhstan, a country that ranked third in terms of mining.

At the time of writing the news, the depth of the fall in the price of BTC is at the level of 6.6% (Coingecko). Only one decline, in which the price fell to $ 43 01, triggered a liquidation cascade in $ 222 million in less than an hour. Now the rate is $ 100 864.

What’s next with the price?

Let’s see what analysts have to say about the recent decline in the price of BTC. And also about what to expect in the coming weeks, when the US stops printing money and starts raising interest rates.

Trader Rekt Capital published the following chart and highlighted “There are many similarities between the current BTC range and the situation in May 2022 of the year.” Recall, then, as a result of falling prices from the cryptocurrency market, about $ 116 billion:

Rekt Capital added:

” In both cases, BTC consolidated below two bullish EMAs (green 21 – weekly and blue 43 – weekly EMA). If history repeats itself, BTC will briefly drop below blue 100 EMA. ”

Analyst Van de Poppe also compares the chart with the May crisis:

He advises focusing on some altcoins that are showing growth despite the bitcoin situation:

The bearish sounds start to sing everywhere, while, in the meantime, #altcoins have been testing their ATH’s as some sections of the markets didn’t really care about a correction of $ BTC.

In this region, I ‘d love to look for longs. I’d rather want to become bull than bear.

– Michaël van de Poppe (@CryptoMichNL) January 5, 2022

Related Articles

Back to top button