Bitcoin recovers from Fed, but loses more than 70% of its value since all-time high

Bitcoin recovers from Fed, but loses more than 70% of its value since all-time high

We see some support in the short term around $18,250-18,500“But the main test is about $17,500,” said Craig Erlam, an analyst at Oanda in Bolsamanía. “A move below this number could signal a new downward spiral, with the next support around $16,000,” he adds. For its part, Ethereum also left a file 2 months minimum New at $1230 This is Wednesday.

“Its technical side is complex and we do not rule out that we will end up seeing an extension to the downside, given that its main trend is clearly bearish and for weeks it has been drawing lower tops.”, notes Cesar Noyes, analyst at Bolsamanía. He warns that “an extension of the decline to the annual lows recorded in June at $ 876 is highly likely.”

What prices to watch

From a chart perspective, last night’s low of around $18,200, along with the psychological border of $18,000, should be seen as the first support near the current prices. After that, the June 18 low will start to play at $17,611. Below that threshold, the next potential help would be right at the $15,000 threshold.

On the upside, a return above $20,000 would be the first step in the hope of a sustainable Bitcoin bounce. However, to challenge the fundamental downtrend seen from the November 2021 high, it is the $24-25,000 area that needs to be broken.

Above $20,000, Bitcoin price is expected to rise.

In fact, above this area, BTC/USD will confirm the crossing of the downtrend line that has guided the development of the cryptocurrency for nearly a year.

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