Bitcoin Price Prediction for Today, May 9: BTC Trades Below dollar33,000 as Bears Show-up Heavily
Categories: Bitcoin US
Bitcoin price had a treacherous weekend, capping off what has been nearly a 20% loss since the Fed meeting last week. The selloff has now taken the top cryptocurrency by market cap to the lowest point all year, setting a significant lower low for the first time in 2022.With BTCUSD at $33,000 per coin, will higher timeframe monthly support hold? Bitcoin Price Sets 2022 Lower Low: Where Is The Bottom? Bitcoin price is down 32% from April 2022 highs, and has shed 50% from its 2021 peak. The last year plus has been a rollercoaster of a ride for crypto investors, setting not one, but two separate higher highs above $60,000.Since the November EFT-driven double-top, the continued downtrend has taken BTCUSD to a lower low in 2022 and puts the 2021 low set around $29,800 at risk. How Deep Does This Go? Will Monthly Support At $33,000 Hold? Lower lows and lower highs are a sign of a confirmed downtrend on timeframes between daily and weekly. Trends can differ on multiple timeframes, so not all hope is lost.Bitcoin has taken a beating over the course of the last year due to a tight correlation with tech stocks, soaring inflation, and rising Fed interest rates. The Crypto Fear & Greed Index has reached extreme fear and sentiment is the most bearish in recent memory.