Bitcoin Price Hits a Fresh 6-week Low, Analyst Warns More Losses Could Follow -Breaking
The price fell further Monday as investors sold off their riskier assets in anticipation of a Federal Reserve that may adopt a more aggressive approach to curbing inflation.
Tron fell 3.2% to $38,236, the lowest point since March 15. Ether plummeted 4.8% to $27,799.
“Bitcoin looks to be breaking a pivotal minor two-month trend on Friday’s pullback that likely causes weakness down to test January lows,” said Fundstrat technical strategist Mark Newton.
Newton expects Bitcoin to slip to $36,300, saying that a fall below “that level should lead to a full retest of $32,950 without too much trouble.”
Bitcoin is still trading in the $35,000-$45,000 price bracket since its inception. It is positively correlated to the U.S. Dollar and strongly associated with it.
The U.S. central bank is anticipated to raise interest rates in 50 basis-point steps over the following months, affecting certain factors that drove Bitcoin’s gains in recent years.
By Senad Karaahmetovic