Subscribe & never miss an Episode
Spotify– Amazon – Apple – YouTube
After an extensive uptrend from a low of around $17,000, Bitcoin prices reached a resistance of $24,000. Prices could not break this area higher, which is why we assumed a retracement lower. Using the Fibonacci retracement, we delimited the following price targets:
- Normal case: $22,222
- Worst case: $21,196
- Extreme case: 20,371
Well, there are many factors that contribute to the crash in the current crypto market:
- From a technical perspective, prices were bound to retrace after an extensive uptrend from the low of $17,000
- From a fundamental perspective, there is a lot going on in the market. However, the biggest being the SEC striking again as Paxos was ordered to cease minting Binance stablecoin. This comes after Binance halted withdrawals.
- The judge that is on the FTX case extended SBF’s bail restrictions, adding question marks to the resolution of the collapse’s timeline.
