Bitcoin descends to critical support levels

Colombia, Distrito Capital de Bogotá, Bogotá

Published 2 years ago

ID #1189

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Bitcoin descends to critical support levels

Colombia, Distrito Capital de Bogotá, Bogotá,

Published 2 years ago

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After ending 2021 with a 60% annual appreciation, bitcoin has had an auspicious start to the year. In the first 7 days of the year, the price has gone from USD 46,900 to USD 41,874, which represents a decline of 9.7%.

The statements of the Fed, last Wednesday, January 5, about a possible increase in interest rates next March, and the 12% drop in the hash rate, were decisive in the decline in the price.

Analyst and trader Michael van de Poppe was correct in predicting in a video on Monday the 3rd that although the $46,000 level looked solid, bitcoin could lose that support and roll back to a new containment zone between $41,000 and $42,000. as we report it in this medium.

$900 million settlements after bitcoin crash

In the 24 hours following the fall of January 5, the liquidations of long positions reached almost USD 900 million, as reported by CriptoNoticias. Of the total of USD 889 million settled in 24 hours for Thursday 6, about USD 550 million corresponded to operations with BTC and ETH, the cryptocurrency of Ethereum. Other liquidations showed more moderate losses such as the case of Solana (SOL), USD 20, 26 million or XRP, USD 17 million.