Last November, cryptocurrency reached an all-time high of around $69,000, but its price has since fallen below $40,000, a 30% drop from its peak.
Despite the relatively low price at the moment, several major events occurred in 2022, such as the war in Ukraine, inflation, and stock market crashes. Policies and market sentiment have shown a technical downward trend, with bearish forces gradually strengthening.
Technical Analysis:
From the current technical charts, the +1σ line, baseline, and -1σ line are all trending downward, with Bitcoin’s price running below the baseline. The bearish forces are stronger than the bullish ones. There is a risk of a downward breakout in the near term, and if Bitcoin falls below $30,000, it could continue declining to around $20,000, especially if the interest rate hike cycle is prolonged.
Potential Causes of Decline:
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