Bitcoin Drops to 3-Month Low. How Low the Crypto Could Go.

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Bitcoin fell to a three-month low on Friday as minutes from the latest Federal Reserve meeting raised the possibility that the central bank could raise interest rates as soon as March.

According to CoinDesk, bitcoin traded at $41,731 on Friday, down 3.3% over the past 24 hours. The world’s largest cryptocurrency fell to $40,745, its lowest level since September, according to a report from CoinDesk. Bitcoin’s record high is $68,990.90.

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Fundstrat analysts said in a note that the near-term technical and cycles for the cryptocurrency remain bearish, “and suggest further weakness could emerge this spring, before any meaningful short is in hand. “

The key short-term support for bitcoin around $39,500 and then $29,000 is “projected to be more severe, as it held from May to July 2021,” analysts said.

Jeffrey Halley, an analyst at broker Oanda, said a weekly close below $42,400 would be a negative technical sign for bitcoin, but added that $40.500 and $39,500 are “real levels to watch.”

Haley said he believes bitcoin sales “have come too far, too fast.”

Bitcoin’s decline came after the Federal Reserve’s meeting minutes were released on Wednesday indicating that inflation readings and tight labor conditions could guarantee interest rate hikes “sooner or faster than participants previously anticipated.” went.” The central bank also indicated a potential shortfall in its $9 trillion balance sheet.

Ethereum,
The second largest digital currency, is down 7.2% in the past 24 hours to $3,182.

Write to Joe Woelfel at [email protected]

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