Bitcoin Price Plummets To Lowest Point In 2022, Will $33,000 Hold?

Share This Post

Bitcoin price had a treacherous weekend, capping off what has been nearly a 20% loss since the Fed meeting last week. The selloff has now taken the top cryptocurrency by market cap to the lowest point all year, setting a significant lower low for the first time in 2022.

With BTCUSD at $33,000 per coin, will higher timeframe monthly support hold?

Bitcoin Price Sets 2022 Lower Low: Where Is The Bottom?

Bitcoin price is down 32% from April 2022 highs, and has shed 50% from its 2021 peak. The last year plus has been a rollercoaster of a ride for crypto investors, setting not one, but two separate higher highs above $60,000.

Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up

Since the November EFT-driven double-top, the continued downtrend has taken BTCUSD to a lower low in 2022 and puts the 2021 low set around $29,800 at risk.

Bitcoin has touched the lowest price yet in all of 2022. | Source: BTCUSD on TradingView.com
How Deep Does This Go? Will Monthly Support At $33,000 Hold?

Lower lows and lower highs are a sign of a confirmed downtrend on timeframes between daily and weekly. Trends can differ on multiple timeframes, so not all hope is lost.

Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet

Currently, the bull market structure on monthly timeframes remains intact. If BTCUSD can stay above the monthly resistance block, a double bottom could form and put in a higher low.

Monthly support is now being retested and must hold or a larger plunge still waits. | Source: BTCUSD on TradingView.com

Bitcoin has taken a beating over the course of the last year due to a tight correlation with tech stocks, soaring inflation, and rising Fed interest rates. The Crypto Fear & Greed Index has reached extreme fear and sentiment is the most bearish in recent memory.

Although the outlook is bleak, some of the most well-known and successful investors ever advocate buying when others are in fear. Is now that time?

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Under Pressure: Could The Slide Continue?

Bitcoin price extended losses and traded below the $100,000 zone BTC is showing bearish signs and might continue to move down toward the $91,200 support zone Bitcoin started a fresh decline from the

Ripple Moves Big Money, RLUSD Sees Distribution, XRP Holds Key $2 Support

Ripple’s XRP has managed to maintain its position above $2, despite an 82% dip against the US dollar this week Over the weekend, massive onchain XRP transactions caught attention, and the

aelf Introduces aevatar Intelligence: No-Code, No Limits for AI Agents

Singapore, 23 December 2024 — aelf, a leading AI-enhanced Layer 1 blockchain, has launched aevatar intelligence, a revolutionary no-code framework for AI agents The framework, built atop

Vaneck’s 2025 Crypto Predictions: Bull Market to Persist, Anti-Crypto Policies Ending

Asset management firm Vaneck has shared its 2025 crypto predictions, highlighting a strong bull market, rising bitcoin and ethereum prices, growing altcoins, and increased institutional and

XRP Lawsuit Reaches 4 Years as Ripple Pushes Trump to Reform SEC

Ripple is calling on the SEC to rebuild trust as its four-year legal fight over XRP persists, with hopes for policy shifts under incoming leadership Ripple Urges SEC to Rebuild Credibility Amid XRP

Stephen Miran to Lead Trump’s Economic Team: What It Means for Bitcoin’s Future

On Sunday, President-elect Donald J Trump revealed that Stephen Miran, who previously served during Trump’s first term, will helm the Council of Economic Advisers Miran is seen as a pro-bitcoin