09/05/2022 15:13
New downward acceleration of bitcoin which slips below $ 33,000 on the lows of the year. It touched a low of $ 32,650, the lowest level since July 2021. Bitcoin and Ethereum both lost 14% last week, showing a strong correlation with the negative mood of equities and thus paying for the generalized flight from riskier investments.
“It will be essential that the major cryptocurrency rebounds from this key level, which has acted as a reaction area in the past, as a continuation of the downward movement could cause an industry-wide domino effect,” argues Walid Koudmani, Chief Market Analyst XTB. However, as we have seen a closer correlation with traditional assets such as tech stocks, which in turn have found themselves in a difficult situation, it may take a recovery in general sentiment before we see an improvement in the performance of a particularly volatile asset such as Bitcoin “.