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Here’s why Bitcoin traders say a drop to $38K is the worst case scenario

Published 01/06/2022, 04:15 PM
Updated 01/06/2022, 06:40 PM
© Reuters.

The fallout from the Federal Reserve's recent hawkish comments about raising interest rates as soon as March continued to weigh heavily on the cryptocurrency market on Jan. 6. The Crypto Fear & Greed index has been dialed down to 15 and some traders are lamenting the possible start of an extended bear market.

Crypto Fear & Greed Index. Source: Alternative

Data from Cointelegraph Markets Pro and TradingView shows that bears attempted to challenge the lows set on Jan.5, bringing BTC price down to $42,439 during early trading on Jan. 6.

BTC/USDT daily chart. Source: TradingView
BTC/USD 1-week chart. Source: Twitter (NYSE:TWTR)
BTC/USD 1-day chart. Source: Twitter

Continue Reading on Coin Telegraph

Latest comments

30k soon
I feel like we just seen a flaw in the system, it's telling billionaires they could have the internet shut down wherever the biggest mining hubs are and watch the price plummet then they scoop up big time, turn the internet on again and watch there profits soar
oh nice that's not too bad good to hear
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