Last week, Bitcoin’s boring downtrend continued. On Week 14 BTC Bitcoin Analysis, the market is taking more risks due to the Federal Reserve’s 0.25 increase. On the other hand, the market is avoiding risk because of fundamental problems like the FEC lawsuit against Binance exchange and Mr. CZ, its CEO. Economic news would impact the market in 2022, but this year, due to the absence of macroeconomic threats, fundamental problems, and legislation, pose a threat to the market.
According to the previous analysis, our team believes that Bitcoin will correct itself. The weekly candlestick for Bitcoin was a Doji candlestick, which can indicate the start of a downward trend this week. This Week 14 BTC Bitcoin Analysis, Bitcoin is expected to correct at least to the $24,000 area, and if there are no external risks, it will again attempt to reach the $28,000 area. By breaching this zone, the target price of $35,000 may be achieved in this scenario, but as already mentioned, the conditions are unfavorable, and a drop in the price of bitcoin is more likely.