{"id":440860,"date":"2022-05-02T22:33:22","date_gmt":"2022-05-02T19:33:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fed-fomc-comments-and-bitcoin-bear-channel-could-kickstart-a-decline-to-28k\/"},"modified":"2022-05-02T22:33:22","modified_gmt":"2022-05-02T19:33:22","slug":"fed-fomc-comments-and-bitcoin-bear-channel-could-kickstart-a-decline-to-28k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fed-fomc-comments-and-bitcoin-bear-channel-could-kickstart-a-decline-to-28k\/","title":{"rendered":"# Fed FOMC comments and Bitcoin \u2018bear channel\u2019 could kickstart a decline to $28K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bd7295a182\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bd7295a182\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fed-fomc-comments-and-bitcoin-bear-channel-could-kickstart-a-decline-to-28k\/#%E2%80%9D_Fed_FOMC_comments_and_Bitcoin_%E2%80%98bear_channel_could_kickstart_a_decline_to_28K_%E2%80%9C\" >&#8221; Fed FOMC comments and Bitcoin \u2018bear channel\u2019 could kickstart a decline to $28K &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/fed-fomc-comments-and-bitcoin-bear-channel-could-kickstart-a-decline-to-28k\/#More_downside_until_the_200-EMA_flips_to_support\" >More downside until the 200-EMA flips to support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/fed-fomc-comments-and-bitcoin-bear-channel-could-kickstart-a-decline-to-28k\/#28000_could_be_the_macro_bottom\" >$28,000 could be the macro bottom<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/fed-fomc-comments-and-bitcoin-bear-channel-could-kickstart-a-decline-to-28k\/#Long-term_accumulation_continues\" >Long-term accumulation continues<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Fed_FOMC_comments_and_Bitcoin_%E2%80%98bear_channel_could_kickstart_a_decline_to_28K_%E2%80%9C\"><\/span>&#8221; Fed FOMC comments and Bitcoin \u2018bear channel\u2019 could kickstart a decline to $28K &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The start of May has seen a continuation of the weakness in crypto and equities markets and at the moment, there is no indication of any short-term factors that could reverse the bearish trend.<\/p>\n<p>Equities markets are also in a downtrend and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Clara_Medalie\/status\/1521149612610011140\">according<\/a> to researcher Clara Medalie, the price of stocks from companies with exposure to Bitcoin (BTC) have also taken a notable hit.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/e4aa88c1-8136-43b5-8e5f-47783f3d6c88.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin vs. BTC exposed companies. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Medalie said:<\/p>\n<blockquote><p>\u201cBlock, Tesla, Microstrategy and Coinbase are down between 20%\u201350%.\u201d<\/p><\/blockquote>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that an early morning attempt by Bitcoin (BTC) bulls to rally above $39,000 was easily defended by bears, resulting in a pullback to the $38,200 level.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/809141e4-d47b-4cf0-9bca-0096651b7b98.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a look at what several analysts are saying about the current price action and what lower levels to keep an eye on in the case of further decline. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"More_downside_until_the_200-EMA_flips_to_support\"><\/span>More downside until the 200-EMA flips to support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to independent market analyst Rekt Capital, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1521174958378033153\">watching<\/a> for a close above the 200-day exponential moving average (EMA) is an easy way to assess the current weakness of Bitcoin. The analyst described the metric as an \u201cindicator of long term investor sentiment towards Bitcoin.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/47a9bb4e-0eff-4b2c-8b59-45d224016318.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Rekt Capital said, <\/p>\n<blockquote><p>\u201cSince mid-2021, BTC hasn&#8217;t been able to hold above the black 200-day EMA for too long. Every time BTC would break above the EMA, it would swiftly lose it as support and retrace lower.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"28000_could_be_the_macro_bottom\"><\/span>$28,000 could be the macro bottom<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insight into what could come next for the BTC price was touched on by crypto trader and pseudonymous Twitter user \u2018Cantering Clark\u2019, who posted the following chart highlighting the similarities between the current price action and BTC&#8217;s price action in July 2021. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/d102087a-8481-4b19-825b-48cf0d462ecb.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Cantering Clark said, <\/p>\n<blockquote><p>\u201cSimilar pattern of forceful sell-offs followed by weak attempts to pop upward as we saw in July 2021, again after a longer-term sideways range had forms and lows began to be favored. Possible trap setup.\u201d<\/p><\/blockquote>\n<p>Veteran trader Peter Brandt also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1520551413968908288\">shared<\/a> a similar sentiment, noting that the Bitcoin price could break down to new lows if the current &#8220;bear channel&#8221; plays out.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/92eb5fa5-0ccf-4ec2-a4a5-9c23b111bb47.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Brandt said:<\/p>\n<blockquote><p>\u201cThe completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of $32,000 or so \u2014 my guess is $28,000.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin \u2018bear market\u2019 may take BTC price to $25K, says trader with stocks due capitulation<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Long-term_accumulation_continues\"><\/span>Long-term accumulation continues<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the current downtrend, data from glassnode suggests that BTC accumulation continues to increase, a fact highlighted by Twitter account Negentropic.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/cd44168d-488b-41bd-92d8-cd5faff3c229.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin long-term holder net position change. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>The analysts said:<\/p>\n<blockquote><p>\u201cPanicking short-term holders realized losses while the long-term holder net position change increased.\u201d<\/p><\/blockquote>\n<p>The overall cryptocurrency market cap now stands at $1.72 trillion and Bitcoin\u2019s dominance rate is 42.5%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fed-fomc-comments-and-bitcoin-bear-channel-could-kickstart-a-decline-to-28k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Fed FOMC comments and Bitcoin \u2018bear channel\u2019 could kickstart a decline to $28K &#8220; The start of May has seen a continuation of the weakness in crypto and equities markets and at the moment, there is no indication of any short-term factors that could reverse the bearish trend. Equities markets are also in a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":440861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvYTNkNDRmNzMtOWE1Yi00YzRkLThlYjQtNTIxZmM2OTJiMzQxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-440860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/440860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=440860"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/440860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/440861"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=440860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=440860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=440860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}