BTC trading in period of consolidation. More downside awaits.
Fundamental outlook: BTC and other risky assets like SPACS and NFTs are taking the brunt of the losses so far as this global economic pullback unwinds. The bull case for BTC has become less credible thanks to steps being made recently to regulate the crypto space in the U.S. as well as rising interest rates and their negative impact on growth/speculative assets. As the U.S. and Europe tighten financial conditions to combat global inflation, the crypto sector will continue to see increased selling leading to a steady deterioration in overall crypto market cap at least until this macroeconomic slowdown is resolved (which could be years).
Technical Outlook: A move down to 21-18k support zone seems incredibly likely. On a weekly timeframe, the outlook for BTC looks grim. MACD depicts furthering negative momentum on a weekly and daily timeframe. BTC volume and volatility have slowed significantly just in the last year, possibly signaling that their is declining interest in dip buying from investors. In sum, I see BTC hitting the new support zone of 21k-18k, from there likely consolidating for a few months then ultimately finding a long term bottom in or around the support zone of 8.5k-4.5k.
These are just my thoughts, this is not trading advice. Good luck!
Technical Outlook: A move down to 21-18k support zone seems incredibly likely. On a weekly timeframe, the outlook for BTC looks grim. MACD depicts furthering negative momentum on a weekly and daily timeframe. BTC volume and volatility have slowed significantly just in the last year, possibly signaling that their is declining interest in dip buying from investors. In sum, I see BTC hitting the new support zone of 21k-18k, from there likely consolidating for a few months then ultimately finding a long term bottom in or around the support zone of 8.5k-4.5k.
These are just my thoughts, this is not trading advice. Good luck!