According to the previous week’s analysis, in Week 11 BTC Bitcoin Analysis Bitcoin has corrected to the $20,000 range.
Although many experts attribute this correction to the events at SVB Bank and the consequent depegging of stablecoins, this correction was perfectly expected from a technical and statistical standpoint.
The crypto market is currently confronting two significant causes, each of which can potentially affect the market’s direction: fundamental issues and the global economy, particularly the United States.
Fundamental factors like the position of stable currencies and the insolvency of crypto firms pose a danger to the industry. The Federal Reserve, on the other hand, raised the interest rate to 0.5%. Whether the Federal Reserve will do this is a specific issue that will be explored in a separate post, but these are the present market risks.
Technically, for Week 11 BTC Bitcoin Analysis, Bitcoin is on decent support but has lost the $23,000 support, a significant resistance for Bitcoin. This Week 11 BTC Bitcoin Analysis, Bitcoin returns to the $23,000 range before continuing its corrective movement to the $19,000 area. Traders should remember that the market’s downward trend is not done, and there is a risk of lower floors in the medium term, so they should be extra cautious while gathering the spot portfolio for investment.