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We are going to party like it is November 2020! SeptemBEAR continues to live up to its name with Bitcoin (BTC) down to its lowest weekly close in nearly two years. The largest cryptocurrency is down over 6% this month, following a long down period. The good news is that the month is almost over. The bad news is the Bitcoin downward trajectory might not be.
The Federal Reserve, as we expected, raised rates75-basis points last week. On top of that, the US dollar continued to surge which has devastated stocks and crypto alike. That surge could well continue this week as the dollar is now at its highest point since May 2002. Global, other currencies are falling against the dollar and global bonds are taking major hits.
Bitcoin HODLers are digging in and holding their ground with conviction, a strong signal of a BTC bear market.
The $18-$19K range looks to be an important resistance level for Bitcoin. If broken, BTC could fall towards $17.5K which would indicate this is not a "typical" bear market. If it stays above this level, we could well be in store for another six months at this price range looking at the coins current metrics using technical analysis. I would suggest that the $17.5K level is really what we should all be looking for at this point.
The Crypto fear and greed index, highlighted below, is at 21 and unchanged from last week staying in the "extreme fear" range.
Bitcoin (BTC) is a decentralized digital cryptocurrency. Bitcoin was invented by the person or persons under the pseudonym Satoshi Nakamoto as described in the Bitcoin Whitepaper released on October 31, 2008. The original cryptocurrency began trading in January of 2009 and could be transferred in a peer-to-peer fashion implemented using open-source software. The transactions are recorded and stored on a public ledger called a blockchain. Only 21 million Bitcoins will ever be minted with one million being owned by its creator(s).