A Lot of damages have been done to Bitcoin in 2022, which is partly due to the economic woes of the world and high inflation plaguing global markets among other factors. The Crypto has been holding its ground tightly above the low of June 2022.
My question is, will Bitcoin hold the rest of this year above the low of June at 17625.00 or the level will be breached before 2023?
After an encouraging rise to $23,000 in September, bitcoin is once again looking towards testing the bottom. There is a lot of possible negative news ahead that could also affect Bitcoin and the entire market as a whole. From the long-awaited distribution of bitcoins to the affected investors of the MtGox exchange, ending with the Fed raising rates by 0.75% or higher. Fundamentally, bitcoin is very weak right now, selling pressure remains, and there are not enough new investors to support demand. We are still inside the global bearish trend and the probability of updating the bottom is extremely high.