- BTC’s price trades sideways for the second week in a row.
- Crypto traders are waiting to see what happens in the rest of the markets.
- The price of BTC may plummet towards $16,020.
For the second week in a row, the price of Bitcoin (BTC) is trading sideways as two bearish caps are still hanging over its price action. In addition, BTC’s price movement has not made any new lows during this time.
Given the current turmoil in the financial markets, with the pound sterling hitting a new low in over 30 years, equities in a bear market, and the escalating situation in Europe as its war with Russia enters into a higher phase, it does not seem as if there are any short-term catalysts that will propel BTC upwards.
Should there be a breakout for BTC over the coming weeks, it will most likely be in favor of bears.
BTC’s price is trading almost as if traders are puzzled and confused as to what to do next, given the several tail risks hanging over the market leader’s price action while its price continues to dip in and out of profit.
This suggests that there is not much conviction from traders in a rally as none of the upticks are seeing any follow-through.
With this being the case, BTC’s price is currently at the mercy of the markets as a perfect storm is brewing. Once one of the tail risks escalates another level higher, whether it’s the situation in Russia, the UK, or any other country, BTC’s price could drop sharply towards $16,020
On the other hand, traders may look to slowly buy into the crypto market as it approaches its bottom, which will establish the turning point. Should this gradual buy-in trigger a breakout, the ideal rise in price will be to the upside above the 55-day SMA. If this happens, then the move will likely be accompanied by a follow-through should the equity markets follow suit.
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