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In crypto news Today, the market remains bearish as widespread losses in riskier assets continue to control sentiment in a week where key monetary policy actions could provide fresh momentum for the bears. for bitcoin (B T c), it is likely that the price may see a downside correction after yesterday’s bearish support near $18,250.
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Gareth Soloway, Founder and Chief Financial Officer, Investment Platform InTheMoneyStocks.com, Say the benchmark cryptocurrency runs the risk of crashing to $12,000 if this happens.
Pro Explains Possible Dump of Bitcoin
in one Interview Beginning with a Stanberry Research broadcast early Tuesday, Soloway said bitcoin’s weakness — as it is for stocks — is below the strength shown for much of the year. U.S. Dollar, Highlighting the volatility of the chart for the dollar, S&P 5OO And bitcoin, the market strategist said that every bullish risk asset traded lower in the dollar’s strength.
“When you see that the dollar remains at a 20+ year high, and it continues to rise, it kills all risk assets. You can actually see on an intraday basis that the dollar has every bullish momentum. , you will also see the opposite happening on the bitcoin chart or the stock chart of the S&P.
according to IntoTheMoneyStocks.com President, here is the key”keep watch“At interest rates. Characteristic of the market at present, he says”Give and Take“There is a flurry among investors keen to make a profit even as they think about what the US Federal Reserve is likely to do at its meeting this week.
Where bitcoin trades amid all the shock, Soloway says the key for the bulls is to maintain the $19,500 level.”on a daily basisThis level has moved back to 2017 cycle highs and has acted as an important buffer zone, with BTC dancing around this area this year.
like us Thrown light on Yesterday, Bitcoin fell to a low of $18,255 coinbase Before staging a light recovery in the late afternoon. Soloway suggests a pivot if the dollar starts to fall and the Fed’s comments on Wednesday suggest that retesting and holding $19,500 could see the bitcoin price bounce back – Not a queue, but a low rate increase or a hold signal for your next meeting. This may boost the market and help the bulls.
However, the opposite could create a new disappointment and a downside for BTC indicating a breakout of the June low which was earlier termed as one. area of maximum pain,
In his opinion, if the market turns red, the analyst sees a new leg at the $12,000-$13,000 level. He also suggests a similar trajectory for stocks, which could tag March 2020 highs towards the end of the year or early 2023.
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