The global crypto business is clawed down by the bears, over the crypto town’s stormy night. The geopolitical tensions between Russia and Ukraine have suppressed the business to a greater extent. The implications of which are evident across exchange markets and financial activities. Amidst the ongoing torments, the market capitalization of the industry is down about 8% over the previous day.
Successively, the numbers of the market cap at the time of press are at $1.58 Trillion. Talking about Bitcoin, the digital asset has bogged down to present levels of $34,730.10, which is down 8.6%. About $75 M worth of Bitcoin has been liquidated in the past few hours. In the interim, a proponent from the crypto town enlightens on the position of BTC and the signals from the indicators.
As widely known, the crypto industry and Bitcoin in specific have been walking apace with the equity markets. The implications of which can be seen with the current metrics on the chart. Crypto proponent enlightens the positions of BTC and the indicators that have been in play. Successively, the S&P 500 index has been looking dreary off-late, a further dip could invite the support levels from 2021.
Talking about the 50-Week Moving Average, the star crypto has failed to reclaim the 50-W MA earlier this month. The indicator has been walking down south for the first time since the mid of 2020. The current turbulence with the 50-W MA will result in a major loss in momentum. Getting out of the quagmire will need BTC to rise above $45,000, the chances of which look bleak.
The star cryptos monthly MACD has been signaling red, which is an occasional event. The signal has irked traders and investors, as it has been associated with bigger sell-offs in the past. Howbeit, the contradiction of the trend would mean an event like that of 2020, which folks have been wishing for. On the flip side, the continuity in current momentum could invite bears from 2014 or 2018.
Successively, a similar event back in 2014 led to a 65% drop and that from mid-2018 invited a 60% sell-off. On the contrary, the crash from 2020, persuaded the monthly candle for a 58% dip. The monthly RSI of BTC under 50 is a growing concern, which is similar to that from 2018 and 2020. The crucial support for BTC now lies around $33,000 followed by $29,000.
Concluding, the support at $33,000 is pivotal for Bitcoin, as investors will hold optimistic levels around the levels. That said, the plunge below $29,000 will take a toll on sentiments. The fear and greed index is presently at extreme fear at 23, which is expected to worsen. As traders from the business have been lacking the interest in buying the dip. Which sheds light on the creeping FUD.