Fed FOMC comments and Bitcoin ‘bear channel’ could kickstart a decline to $28K

) bulls to rally above $39,000 was easily defended by bears, resulting in a pullback to the $38,200 level.Here’s a look at what several analysts are saying about the current price action and what lower levels to keep an eye on in the case of further decline.According to independent market analyst Rekt Capital,

for a close above the 200-day exponential moving average is an easy way to assess the current weakness of Bitcoin. The analyst described the metric as an “indicator of long term investor sentiment towards Bitcoin.”“Since mid-2021, BTC hasn't been able to hold above the black 200-day EMA for too long. Every time BTC would break above the EMA, it would swiftly lose it as support and retrace lower.

Despite the current downtrend, data from glassnode suggests that BTC accumulation continues to increase, a fact highlighted by Twitter account Negentropic.“Panicking short-term holders realized losses while the long-term holder net position change increased.” The overall cryptocurrency market cap now stands at $1.72 trillion and Bitcoin’s dominance rate is 42.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

You have proven to me that you are genuine and i can trust you with my last dime protraderjason thanks for the payouts

We bottomed out at 37K folks .. it’s up from here

i'm thinking this news already shows in the market ! Let's see whats next

What is your opinion about the current Bitcoin state, since its Fear and Greed Index is 39 - FEAR, with price of 38512.220532055595 usd? Our analytical team has done extended research regarding BTC, but we want to hear your opinion also.

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