Price Of Bitcoin Retreats Under $42,000 As Enthusiasm From Miami Event Fizzles

Christian Encila

1 year ago

2 mins read

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The price of Bitcoin failed to break through the $43,500 resistance zone and fell below the $42,000 mark before changing course.

The world’s most valuable cryptocurrency is now exhibiting bearish characteristics and remains vulnerable to a move towards $40,500, multiple charts show.

Bitcoin dipped below the $42K level for the first time since March 22, returning to the range in which it has traded this year, owing to increased anxieties about mounting interest rates.

Bitcoin Backpedals For 6th Straight Day

The most popular cryptocurrency plummeted to $41,818 on Monday morning in Asia, backpedaling for the sixth day in a row.

Since late March, when it peaked just above $48K, BTC – and other tokens – have been dragged lower by concerns about restrictive monetary policy.

The cryptocurrency market was trading sideways Monday. Bitcoin and Ethereum were both down in the early hours, while altcoins experienced a strong decline.

Global unrest intensifying as a result of Russia’s invasion on Ukraine, combined with economic uncertainty, is pushing markets into a tailspin.

Other major risks for the digital sector include rising prices and interest rate hikes.

Ascent Wanes After Miami Conference

The excitement generated by last week’s Bitcoin 2022 conference in Miami was insufficient to halt the trend.

Antoni Trenchev, managing partner of cryptocurrency lender Nexo, noted in an emailed statement:

“Now that the sugar rush associated with Bitcoin 2022 has passed, Tuesday’s (likely) dismal US consumer price report serves as a reminder that the central bank is caught between a rock and a hard place when it comes to addressing uncontrolled inflation without imploding the economy.”

BTC total market cap at $785.54 billion on the weekend chart | Source: TradingView.com

Bitcoin has spent the majority of the year trading in a region of roughly $35,000 to $45,000. Last month’s burst above $48,000 briefly reversed the token’s year-to-date losses, but BTC encountered resistance at its 200-day moving average.

BTC Market Cap Down

The world’s cryptocurrency market capitalization has decreased to $1.93 trillion, down as much as 3% in the last 24 hours. However, the overall volume of cryptocurrency trade surged by more than 15% to $63.91 billion.

Expectations of tighter monetary policy have weighed on demand for riskier assets like cryptocurrencies and technology stocks, which are increasingly moving in lockstep.

Other popular cryptocurrencies also fell on Monday, with Polkadot falling 8.7 percent and Ether falling 4.6 percent.

Meanwhile, as Bitcoin grows in maturity and use, its price becomes increasingly associated with the pricing of traditional assets such as equities.

This rising link implies that any occurrence that results in price reductions in traditional markets will almost certainly result in comparable or bigger price declines in Bitcoin.

Featured image from Medium, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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