Has bitcoin found a bottom?

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Has bitcoin found a bottom?

After so much negative sentiment in all markets, not just cryptocurrencies, can we finally see bitcoin rising from stagnation? Markets cannot just keep falling and there must be growth at some point. There is currently a lot of discussion on social media about the potential length of the bear market.

After a record 9 consecutive weekly red candles in a row, bitcoin shone brightly on the first day of this new week, and is up 4.35% so far, to print a price of $ 30,570. Obviously, the brief and spectacular crash of UST and LUNA was quite difficult in the crypto market.

Tens of billions of values ​​have been wiped off the market. Initially, there was an impact on bitcoin and the rest of the cryptocurrencies. However, at least bitcoin seemed to flicker a few times, and then it seemed to get rid of the impact as it stabilized at a huge support level of $ 29,000.

Another shadow hanging over the market is the threat of even higher interest rates from the Fed. The upcoming unwinding of the Fed’s balance sheet also burdens everyone. Retail investors have a big say in the cryptogram, given that most institutional wealth cannot enter the market until there is much more regulatory security.

These investors are likely to be much more reluctant to buy cryptocurrency as the price of food and energy climbs at such a rapid rate. Yet, faced with such negative feelings, bitcoin wants to organize a fundraiser. A lot of the technical indicators look pretty positive, and the bull cross on the resold weekly for Stochastic RSI could herald a turning point in this longer time frame, as long as it continues upwards.

The general consensus seems to be that a rally of aid will be held. However, many analysts believe it will be a rebound before they return to retest the support, and with so many touches at $ 29,000, most think it’s likely to break, leading to another 50% drop in level the next most important level of 20 thousand dollars.

While some analysts hold to their thesis that we have already hit rock bottom, some changes may be needed in the conflict between Russia and Ukraine, global supply chains and the Fed’s monetary policy, for bitcoin to really start a strong recovery.