Bitcoin Drops Below $19K, Will it Continue Strong Bearish Phase?

Digiasset News Sep 28, 2022

Global macroeconomic factors are the main weight for the crypto market, where the Fed's central bank interest rate hike and inflation that is still high make the market outlook likely bearish this year. In other hand, US dollar index touched its highest level since 2002.

Based on CoinMarketCap data today (28/9) at 16.00 WIB. BTC and ETH in drop in the last 24 hours, BTC - 7.00 %, and ETH - 7.03 % at the same time. Last week, both the price was down BTC till - 0.76 % and ETH -3.56 %.

Market Analysis

BTCUSDT market movement in a week began rally to 20K, but yesterday BTC drop again. If the US Dollar continues to strength, in technical analysis the Bitcoin market will probably reach the support level at 17,902.95 USDT. Right now, Crypto asset investors have no confirmation regarding whether the bitcoin price will experience a reversal or increase.

Illustration of Fear and Greed Index Crypto on Wednesday (28/9). Today's Fear and Greed Index is in the Extreme Fear category at level 20 while last week's data included Extreme Fear at 23. This condition might make some traders just wait and see.

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