No action in the crypto market as Bitcoin still trades around the $29,000 to $30,000 area.
The “Black Swan” event has preceded one of the worst periods for the space as Bitcoin and Ethereum recorded record consecutive losses.
According to a pseudonym trader, Bitcoin could be ready to re-test the lows at $29,000 before resuming its bullish momentum.
This would put Bitcoin close to the bottom of its current range.
A report from QCP Research agrees that $28,700 is a major area of support, in case of further downside, as it stands as BTC’s current 61.8% Fibonacci retracement level.
In addition, the report claims BTC, and other risk-on assets seem inversely correlated to the media.
This will force the institution to unload its balance sheet into global markets.
The current narrative in mainstream media is running on the back of inflation.
In other words, if news shifts from bad to worse, Bitcoin could change its direction to the upside.
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