Leading cryptocurrency Bitcoin (BTC), It managed to stop here for a few days after reaching the level of $ 47,000 with its gradual decreases.
The blow that Bitcoin price expected came from the Federal Reserve reports yesterday.
FED News Turned Bitcoin Upside Down
The first signals of a rate hike in the FED minutes pushed the price up to $44,000 last night.
However, the incoming selling pressure prevented even the $44,000 support from holding, and the price was briefly pulled to the $42,400 level.
As of now Fear and Greed Index denotes Extreme Fear and the price decline still continues.
So what exactly is the latest situation for Bitcoin and what should investors pay attention to?
The $42,500 level actually appears to be the lowest support of the current channel, and a close below it will definitely open the way for the price to $38,000.
Despite this, it does not go unnoticed that as of now, BTC got rid of 42,000 dollars and came back to 43,000 dollars.
The 100 hourly simple moving average also stands at $46,000, which must first break the $44,800 resistance.
The 50% Fibo retracement level is at $47,066, and BTC breaking above it may mean that the danger has passed.
These movements of Bitcoin, as can be expected, blooded the entire crypto money industry and the decline continues at full speed.