BTC review dated 09.05.2022

09.05.2022

280

1 min

Despite the decline of bitcoin to $33 000, the asset has not yet broken the support level, which is located in this range. The cryptocurrency has fallen more than 16% in less than a week. This came after the US Federal Reserve raised its key rate range by 50 bps to 0,75-1% per annum.

According to the RSI indicator, bitcoin has approached the oversold zone, but there is still a possibility of further declines to $29 000. This is one of the likely scenarios in which the crypto market plunges into a deeper correction. An alternative scenario is a rebound from support around $33 000 and recovery to $36-37 000 to the first important resistance level.

The material is not an investment recommendation and is published for information purposes only. Remember: technical analysis does not guarantee successful trading, as it is based on historical data only.