Nightmare week for all financial markets with losses of around 30% for almost all crypto and for Bitcoin and Ethereum.
The rate hike carried out at the Federal Reserve meeting on Wednesday 15th June by 0.75% to counter inflation with ever increasing data, has displaced all financial markets starting with bonds whose yields have shot up, the equity with double-digit losses for many stocks.
The crypto Celsius crisis, which in recent days has temporarily suspended withdrawals, has brought a very strong shock to the crypto market but with a negative impact, in any case not like Terra – Luna. There is hope that the turmoil that has shot down Celsius derives more from the general context than from the problems of this single crypto.
Suspension of withdrawals was criticized by many but by others it was seen as an action to protect client funds. At the moment the black swan following Luna’s crack appears to be shunned by Celsius.
Going specifically to Bitcoin, it risked going below the maximum of the previous cycle for the first time and stopped at 20,000 points, which at the moment seem to hold.
The breaking of this last support also brings into play scenarios that we don’t even want to think about.
The first resistance to overcome is the supertrend in the $ 24,400 area. Bitcoin currently travels in value around $ 21,700.
As for Ethereum, the latest bulwark and support of $ 1,000, with the first resistance of the supertrend in the $ 1,400 area, it is currently worth $ 1,160.