Bitcoin (
The bottom could be in, but it depends on macroeconomic and global hurdles
Derivatives metrics suggest that the Bitcoin price dump on Sept. 19 was partially expected, which explains why the $19,000 support was regained in less than two hours. Still, none of this will matter if the U.S. Federal Reserve raises the interest rates above the consensus or if stock markets collapse further due to the energy crisis and political tensions.
Therefore, traders should continuously scan macroeconomic data and monitor the central banks’ attitude before trying to pin a flag on the ultimate bottom of the current bear market. Presently, the odds of Bitcoin testing sub-$18,000 prices remain high, especially considering the weak demand for leverage longs on BTC futures.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
