Tradingcocktail Market Update for Forex, Crypto, and Stocks
Our previous chart on bitcoin prediction:
Now:
Bitcoin breaks key technical support. Bitcoin and other risky assets have been having a very hard time in recent months. This year, it has mostly traded in a range of $35,000 to $45,000 as the Federal Reserve started raising interest rates and inflation kept going up. Trading has also slowed down on Coinbase, Bitfinex, Kraken, Bitstamp, and other exchanges. Volumes are down about 60% compared to last May, when they were at the same level. Google searches for the word “Bitcoin” have also gone down, and social media activity on the Crypto Subreddit, as measured by things like comments and posts per day, is down from mid-2021.
Analysis by data provider Glassnode shows that interest in Bitcoin hasn’t changed much, with little growth in the number of people who use the coin and very little new demand for it.
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