The founder and CEO of Crypto Digital Group, Carlos Duat, shared with Cointelegraph the analysis of Bitcoin (BTC) and the bear market in which the digital currency is submerged from the striking increase it had last year and the drop it has had since then.
You must remember that on July 19, 2021, the bitcoin cryptoactive suffered a fall that put all bitcoin holders on alert. After having a shocking rise three months earlier and reaching USD 64,000, lThe cryptocurrency reached USD 30,000; that although at the beginning the bulls bet on a rebound, which would leave this minimum as a good support, the tension within the market was still going on because if the opposite happened the situation would become critical.
However, despite the fact that, like all digital assets, its main characteristic is volatility; The crypto asset rose again, achieving a type of stability, but from that moment it entered the bear market in which it has remained until now.
By September of the same year, bitcoin reached a position of USD 50,000, however, it was a matter of hours for its price to plummet to USD 43,000.
Despite the fact that the last months of 2021, the digital asset maintained an unstable behavior between ups and downs, it was prepared to receive the year 2022 with a price of USD 47,000, which did not last long as USD 3,000 fell again to later go back down and reach USD 34,000.
Given this, the CEO and Founder of Crypto Digital Group carried out his analysis through the Relative Strength Index (RSI) and shared his response with Cointelegraph regarding the results of the study., which were “one of the indicators that gives me more confidence is the RSI, it was the trigger for the fall from 43k to 34k and now we can see that within this oxygenation of BTC that is giving life to the rest of the market it is due to that possible pullback formation to that support line inside the RSI.”
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“I think the first block is in the 40k and it would be there where he stops to start the fall. My initial objective is 30k, we could even see a wick drop a little more from that support as BTC usually does, the world situation with the events in RUSSIA could enhance this fall if the situation does not improve.” explained Carlos Duet, in the information sent.
The different turns that bitcoin has had since last year has left those involved in the crypto market on alert and expectant, and mostly those who have cryptocurrencies such as bitcoin in their possession.In addition, January has been a month that has not allowed bitcoin holders to calm down since their bearish behavior is still standing. Likewise, given the uncertainty of what will happen, many analysts have made their predictions, which go from end to end without finding a middle ground between them, which further increases expectations.
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