The begining of the end ? Bitcoin (BTC) is approaching dangerously close to $ 40,000, a break that would only accentuate the thesis of a bearish year for the cryptocurrency.
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Umpteenth red day for bitcoin: foray under $ 40,000 in the coming days?
Bitcoin drops to $ 40,755 on Bitfinex today, January 7, 2022. It is trading at $ 41,989 at the time of writing, and is currently recording a daily loss of 2.85%. Bitcoin’s daily RSI (14) has dropped below 30, it currently stands at 29 and is showing a heavily oversold market on a daily basis. Will a test of $ 40,000 with a possible incursion below this level still take place?
For Galaxy Digital CEO Mike Novogratz, the floor price of bitcoin could be around $ 38,000 – $ 40,000. Novogratz points out that the bearish movement “has been on low volume”, with “a huge amount of institutional demand on the sidelines”.
Bitcoin has now fallen below the December 2021 low. Crypto trader Ed valued that bitcoin “could even go lower with a liquidation wick, below September lows “. Bitcoin hit a monthly low of around $ 39,678 in September 2021.
Inflation bridging: canceling all gains from the bullish rally for bitcoin?
Former CEO of crypto derivatives exchange BitMEX, Arthur Hayes, has issued long-term prospects not very encouraging for bitcoin. The latter is, according to him, less attractive because of the reduction in the purchase of assets by the US Federal Reserve, and the expected rise in interest rates.
Will controlling inflation have a big impact on bitcoin demand? Are institutional investors at risk of turning their backs on bitcoin, bringing its price to levels below those before the start of the bullish rally at the end of 2020?
Some whales continue to buy troughs, while others recommend doing so. Such optimism contrasts as well with bearish price movements in the short term, as the macroeconomic environment that seems to work against bitcoin in the medium and long term.
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