- Bitcoin price got slaughtered, with its most significant decline for 2022.
- BTC price saw bears pierce through critical support levels and breaking the backbone of any bullish resistance.
- Expect to see a further drop as the earliest support is sub $20,000.
UPDATE: Bitcoin price has not caught a break in the past week, with Wednesday's dismal price action making it the eighth consecutive day trading in the red. BTC has tested the psychological $20,000 level during the European session, but the bears have not been able to break it in the first attempt. The cryptocurrency bloodbath continues as now giant hedge fund Three Arrows Capital is suffering from the consequences of the Terra and Celsius Network fiascos. Added to the heavy downside pressures from the heavily leveraged cryptocurrency market, the huge risk-off mood dominating financial markets is also penalizing BTC. The Federal Reserve board is meeting on Wednesday, with 50-to-75 basis points rate hikes expected on the menu. More importantly, the Fed will also update its dot plot – its future rate hike projections – and any hawkish changes to (an already pretty hawkish) outlook or any pessimistic words from Chairman Jerome Powell will probably keep decimating high-risk assets like equities and cryptocurrencies.
$BTC owners: Everything you are feeling right now…
is in here. pic.twitter.com/TRvGL42ML8
— James Lavish (@jameslavish) June 14, 2022