The Global Crypto markets are now reaching the red zone, causing stocks and cryptos to trade at the bottom. In fact, Bitcoin (BTC) dropped by 10.30% in 24 hours, down 19% from three days ago. And this plunge has also made more people apprehensive. At the time of writing, BTC is trading around $24,500, with an extended negative run and the decline might continue and breach the lower support. This passage indicates that from the fundamental and technical aspects, BTC still faces challenges to resume the uptrend.
How Bitcoin Responded to the Hike of CPI
The price of bitcoin plummeted on Friday after CPI data from the United States indicated that inflation was far from reducing. CPI, the most generally used measure for inflation in the United States, has now increased by 8.6% year on year in the preceding month, causing a $500 BTC price decline on the New York trading day.
Whereas the recent bearish attitude has kept some crypto purchasers on the sidelines. Furthermore, BTC’s slide from the $33,000 barrier level has increased the possibilities of a Bitcoin rally. Now BTC is currently trading around $24,500, with the possibility of more declines. The coin has declined by more than 10.30% in the last 24 hours.
Bitcoin Prices Strongly Trending Downward
After breaking out of the descending triangle and hitting the pinnacle of the consolidation, the BTC price has now dropped below the support levels at $28,436.
The price has already dropped close to the critical level, and the last support above $20,000 is between $22,500 and $23,800. To keep the price over $20,000, prices must either consolidate within these areas or refrain from falling below them.
In the worst-case scenario, the price might continue to fall and break through the lower support with a prolonged bearish run.
Technical Analysis
Bitcoin price may test one of the main weekly support levels at the 200-day MA at roughly $22,479 if it rejects the major support zone. If these levels are also rejected, the asset may suffer a precipitous plunge, which looks to be impending given the MACD’s severe bearishness.
RSI, on the other hand, is continuing a substantial downward trend line and is testing lower support for the first time since December 2018. The Bitcoin (BTC) price is highly negative across all time horizons and may continue to fall hard to reach the next support zone.
How to “Survive” in the BTC Bear Market?
So with all that, we can foresee that the BTC price will struggle for the rest of 2022 as central bank monetary tightening squeezes assets across the board. In such a large bear market, there are still people who have got an ROI of more than 1000%, and the secret to this is —- 100x leverage. In bear markets, traders can use leverage to maximize their profits in futures markets. Bexplus is a promising Bitcoin-based futures exchange, providing BTC, ETH and ADA, Doge, and XRP perpetual futures contracts with up to 100x leverage. Unlike spot trading which enables you to earn money only when BTC goes up, you can also make profits if the BTC price drops.
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