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BTCUSD, Market Update

6/13/2022 3:27 PM

Current trend

The BTC/USD pair is actively losing value as part of the general market trend, trading at 24775.00 for the first time since December 2020. Thus, "digital gold" has fallen in price by 63% from its historical high, fixed at around 68300.00. The rate of the first cryptocurrency has lost 17.5% in value over the past week against the background of the "hawkish" rhetoric of the US Federal Reserve, which headed for tightening monetary policy at the end of last year.

Today, investors are redirecting their capital into the US dollar as traders await the publication of the final minutes of the regulator's meeting, which are expected to bring another 25 basis points to increase interest rates to 1.25%. Moreover, in connection with the publication of US inflation statistics last Friday, investors revised their forecasts regarding the steps of the financial authorities, and if they are implemented, we should expect a new downward impulse for the trading instrument.

Meanwhile, analysts at the investment company Grayscale Investments noted the progress of consideration by the US Securities and Exchange Commission (SEC) of the possibility of bringing to the market a spot bitcoin ETF, the application for which was sent last fall. Officials of the department in February postponed consideration of the request, but the final decision on transforming the GBTC bitcoin trust into an exchange-traded fund based on "digital gold" should take place no later than July 6. Grayscale Investments CEO Michael Sonnenschein noted the possibility of initiating litigation with the SEC if the application is denied.

The long-term trend in the BTC/USD pair is downwards; within it, 28800.00 was broken, so the next target of negative dynamics is 23300.00. In case of its breakdown, the target will be the support level of 19200.00. The key trend resistance is shifting to 34500.00, from which new short positions can be considered.

The medium-term trend has changed to a downtrend. Last week, the price went down from 31500.00–29400.00 and began to actively decline, as a result of which the support levels of 28580.00 and 26800.00 were broken. The next downward target is 23300.00.

Support and resistance

Resistance levels: 28800.00, 34500.00

Support levels: 23300.00, 19200.00.


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