cryptocurrency

BTC Under 40K, where to go?

Author: Trade Pro Skills

Monday, 21 February 2022 Number of words: 247 Study time: 2 Minutes Views: 85

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Fear of falling or preparing for a jump?

Market analyst – IFC Markets

It is always a common question, we should buy when it's increasing, or buy-in deep? If we want to buy in deep, how deep should it go to buy? At the same time, we have many analysts that believe that 2022 is the Crypto winter, so what?

As it is a risky asset, with more hawkish and tightening policies, we will have less liquidity in the market, which is not in favor of the crypto market, because less liquidity decreases the demand for risky assets, including Bitcoin. 

On the other hand, we know that in the US, we have the Financial Stability Oversight Council (FSOC), which is created after the 2008 financial crisis to monitor risks to the system. This Council has been asked to study financial stability issues that arise from digital assets, with looking into systemic risks of stablecoins. Additionally, the treasury is hopeful Congress will act since its authorities are limited.

Bitcoin was last seen trading near $38,700, representing a nearly 2% gain on the day. The cryptocurrency market generally increased a bit today with the report of a possible meeting of the US and Russian presidents. From the technical point of view, it is again back under 20 Daily moving average and key pivot point at 40,000. Daily candle closing under this level can put more pressure on the asset. For now and as long as it is trading under 41K, 33K is the next target. 

BTC Under 40K

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