Bitcoin’s epic 22% plunge last week may not be the end of its sharp decline. The cryptocurrency has further to fall before reaching a longer-term area of support between $10,000 and $14,000 that’s defined by its 2019 peak and a “reverse head-and-shoulders” breakout in 2020. This area also includes the critical $12,200 level — the point at which the decline that began in April would equal the drop from the all-time high near $69,000 to the January trough.
(Bloomberg) — Bitcoin’s epic 22% plunge last week may not be the end of its sharp decline. The cryptocurrency has further to fall before reaching a longer-term area of support between $10,000 and $14,000 that’s defined by its 2019 peak and a “reverse head-and-shoulders” breakout in 2020. This area also includes the critical $12,200 level — the point at which the decline that began in April would equal the drop from the all-time high near $69,000 to the January trough.
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