The recent comments of the United States Federal Reserve, which suggested that a rapid increase in interest rates might be one way to curb inflation, continued to cause turmoil for global financial markets.
Cointelegraph Markets Pro and TradingView data show that Bitcoin’s (BTC) price fell to $42,744 overnight after Fed remarks. It has since stabilised at $43,500.
BTC/USDT 1-day chart. Source: TradingView
Here are some market analysts’ views on Bitcoin at the moment. Which support and resistance zones should be kept in mind as you move forward?
Support for bulls must be maintained at $43,100
Rekt Captial (a market analyst) posted the following chart, which highlights the importance of the $43,100 support level.
BTC/USD 1-week chart. Source: Twitter
Rekt Capital said,
“If history repeats, and BTC keeps the $43,000.00 level of support… then BTC might once again enjoy upside to the high $40,000s or even the low $50,000s.”
BTC and the NASDAQ
Filbfilb, cofounder of trading software DecenTrader, highlighted the correlation between Bitcoin and NASDAQ price movements in this chart. He noted that “Since 2019, multiple sales at all-time highs in the NASDAQ have led to a sharp selloff which saw BTC also correct at that time.”
BTC/USD 1-day chart vs. NASDAQ Source: Twitter
“The result was an inverse bullish head and shoulders reversal. This was confirmed by testing the 50 DMA and ATH on legacy and BTC. It is possible that this scenario will be a reality.”
Crypto analyst and pseudonymous Twitter User TAnalyst posted this chart showing the price action of BTC after a bounce on its oscillator.
BTC/USD 3-week chart. Source: Twitter
“April 2012 price oscillator bounce. Then a bull run. March 2020 price oscillator bounce. Then a bull run. February 2022 price oscillator bounce… I’ll leave it to you to conclude.
Related: Bitcoin sentiment sinks into fear as BTC price action reaches $42.9K breakdown target
You can either increase your earnings to $57,000, or you can pull back to $36,000
According to Michael van de Poppe (crypto trader, contributor to Cointelegraph), the loss of support at $44,700 was “expected” after the recent low. He posted the following chart showing the breakdown starting at $46,881.
BTC/USD 1-day chart. Source: Twitter
“Currently at an important break. All good, ready for another leg up to $57,000 if we hold this. If we don’t, I’m going to take a test at $36,000.
The total cryptocurrency market is now worth $2.015 trillion. Bitcoin’s dominance rate at 41.2%.
com. You should do your research before making any investment or trading decision.
Eileen Wilson –Technology and Energy
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