Bitcoin Weekly Candle is on the verge of closing at its lowest level since 2020
This week bitcoin price is on the verge of closing at the lowest level since 2020; This indicates the continuation of a long-term downward trend in the digital currency market. Analysts now say that although the market has long entered a saturation phase, the only thing that directly affects prices is changes in the US economy and monetary policy.
To Report The Bitcoin Telegraph fell to its lowest level in 30 days just hours before the US stock market was in full control of traders before the end of the trading week.
According to the latest statistics, the price of Bitcoin today has reached its lowest level at $ 27,180; The price was last seen in the market 30 days ago, on May 12 (May 22).
The fall in the price of bitcoin came on Friday, coinciding with the fall of the global stock market, which had a very disappointing performance this week; The S & P500 and Nasdaq closed down 2.9% and 3.5%, respectively.
This big drop in the stock market and digital currencies is due to the announcement of inflation in May in the United States, which, contrary to experts’ expectations, has increased instead of decreasing. As previously reported, US inflation rose 8.6 percent in May from a year earlier, the largest increase since 1981.
With this situation, most experts clearly predict a downward trend for bitcoin. For example, a digital currency market analyst on Twitter, Crypto Tony, said, “When the price of bitcoin falls to $ 22,000 to $ 24,000, they (sellers) will look for lower price levels. . “So do not be too greedy when we get to this point.”
Another user, Filbfilb, the founder of the Decentrader platform, compared the current state of the digital currency market to the fall of the Corona virus outbreak in March 2020. He says the market has fallen slowly this year; But more painful than falling is the time of the Crohn’s virus epidemic, which at one point raised the price of bitcoin to $ 3,600.
Michael Silver, CEO of the Institute for Micro-Strategy, a well-known Bitcoin fan, said after the announcement of the US inflation rate in May that “neither inflation nor the price of Bitcoin has reached its peak yet,” indicating that he is still in the future of Bitcoin. Kevin is optimistic.
PlanC, another Twitter analyst, commented on the impact of inflation on the bitcoin market:
In the current situation where the market has been greatly affected by macro-factors affecting the economy, it no longer matters that a few charts show that the market has reached its historical saturation levels. As long as Bitcoin maintains its correlation with other risky assets (referring to stocks), I do not expect to see an early trend change.
It should be noted that if the Bitcoin weekly candle closes below $ 29,450 in the coming hours, which does not seem at all unlikely, we will see the lowest level of the weekly candle closing since December 2020.
Will US interest rates continue to rise in the United States?
The US Federal Reserve’s decision to raise bank interest rates again and tackle rampant inflation will be a hot topic this week.
The US Federal Reserve Free Market Committee is scheduled to discuss its policies to counter rising prices on Tuesday and Wednesday this week.
Another Twitter analyst, Daan Crypto Trades, said:
I think the market will continue to realize that inflation is not going to go away any time soon and that bank interest rates will be relatively low.
The analyst says that if gold can jump up the channel on its chart, the first sign of an uptrend in the market of this precious metal will be formed.
He said:
Gold can be a major factor in shaping such a change [در برداشت سرمایهگذاران از وضعیت تورم] Be. Monitor it carefully. We are currently dealing with negative factors affecting the market.
