Bitcoin (BTC) Drops To Lows Of The Last 18 Months. Developments Keeping the Bears Alive?
The economic problems experienced throughout the world had a negative impact on all markets. Afterwards, with the war between Russia and Ukraine, economic problems began to grow throughout the world. This situation negatively affected the crypto sector as well as all money markets.
Afterwards, the crashes in the markets, which started with the collapse of Terra in May, continue unabated. And due to the unexpected increase in inflation, interest rates were increased at unexpected rates. Almost all negativities act together in 2022 and keep the bears alive.
Bitcoin, which is in the leading position in the crypto market by market cap, fell to the lowest level of the last 18 months today. And almost all cryptocurrencies are following Bitcoin's decline.
Bitcoin fell as low as $17622 today, then bounced back above $18,000, but its price is quite volatile. While some are trying to buy Bitcoin under $ 18000, some are trying to sell Bitcoin above $ 18000. It's hard to know which side will win right now. Bitcoin is currently trading at $18631.
Worldwide, economic problems are growing day by day, which negatively affects all money markets. And it seems that the economic problems will not improve for a few more months. But as of August, I think the economic problems will start to ease.
All the negative developments keep the bears alive but I don't think it will last long. I don't know when the drops will end, but eventually they will. Frankly, I didn't expect Bitcoin to drop this much, which surprised me. But on the other hand, this drop creates an opportunity for me to buy some more. I don't know how much the price will drop, but I know that I will enjoy the investments I've made these days in the future.
This is not investment advice. Please do your own research before investing. I'm doing my favorite thing in a bear market, just building. And you?
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Am actually surprise Bitcoin had to take a dip this low, I never thought I'd see BTC at 20k again let alone 17k.
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Frankly, I didn't think of that too. I thought it would be a solid support at least in 20K. Investors are panicking excessively, breaking solid supports.
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I expected lower prices but I didn't expect the 20k line to not hold. It just crashed right there and it's turned into solid resistance.
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Indeed, it was very interesting that there was no support for 20K. But many people have fear and panic. This may be the reason.
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