Bitcoin Hit Record Lows for 2022

Digiasset News Nov 09, 2022

Bitcoin price is down by 12% today. Its reaching a new yearly low, after topping the $21,5 K on November 4th. This major volatility have some reasons behind the most recent decline. Its like Binance would acquire FTX due to liquidity issues. If Binance couldn't helps FTX ‘liquidity crunch’ might trigger BTC price to new lows.

The second one issue that might trigger is the annual inflation rate in the US with the last data 8.2% in September 2022. The upcoming inflation rate in the US reporting event on November 10th. The correlation between US Dollar Index is a pair with BTC, so make them side by side on price. Check here as data if we compare in a year the inflation is always higher, it could influence the value of asset class in financial market.

Based on data’s ( Nov 11th, 2022 ) CoinMarketCap in a week BTC dropped down with -10.73% and ETH -17.63 %. Then, data on Illustration of Fear and Greed Index Crypto is still in fear category at level 29, this is not indicates that investors interested in BTC especially in spot market.

Market Analysis

BTCUSDT price drop down till US$ 18K. In technical analysis, the Bitcoin market will continue to drop while we checked at last support (check : red line chart above) on US$ 18.200 broken. For somedays, maybe BTC will rise for step down again. Keep your money management for good risk, although there is a good setup in market for entry.

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