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Bitcoin Price Plummets To Lowest Point In 2022, Will $33,000 Hold?

Tony Spilotro by Tony Spilotro
2 months ago
in BTC
Reading Time: 2 mins read
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Bitcoin price had a treacherous weekend, capping off what has been nearly a 20% loss since the Fed meeting last week. The selloff has now taken the top cryptocurrency by market cap to the lowest point all year, setting a significant lower low for the first time in 2022.

With BTCUSD at $33,000 per coin, will higher timeframe monthly support hold?

Bitcoin Price Sets 2022 Lower Low: Where Is The Bottom?

Bitcoin price is down 32% from April 2022 highs, and has shed 50% from its 2021 peak. The last year plus has been a rollercoaster of a ride for crypto investors, setting not one, but two separate higher highs above $60,000.

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Related Reading | One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don’t Match Up

Since the November EFT-driven double-top, the continued downtrend has taken BTCUSD to a lower low in 2022 and puts the 2021 low set around $29,800 at risk.

BTCUSD_2022-05-09_08-05-02

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Bitcoin has touched the lowest price yet in all of 2022. | Source: BTCUSD on TradingView.com

How Deep Does This Go? Will Monthly Support At $33,000 Hold?

Lower lows and lower highs are a sign of a confirmed downtrend on timeframes between daily and weekly. Trends can differ on multiple timeframes, so not all hope is lost.

Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet

Currently, the bull market structure on monthly timeframes remains intact. If BTCUSD can stay above the monthly resistance block, a double bottom could form and put in a higher low.

BTCUSD_2022-05-09_09-50-32

Monthly support is now being retested and must hold or a larger plunge still waits. | Source: BTCUSD on TradingView.com

Bitcoin has taken a beating over the course of the last year due to a tight correlation with tech stocks, soaring inflation, and rising Fed interest rates. The Crypto Fear & Greed Index has reached extreme fear and sentiment is the most bearish in recent memory.

Although the outlook is bleak, some of the most well-known and successful investors ever advocate buying when others are in fear. Is now that time?

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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