{"id":928,"date":"2022-02-18T10:29:12","date_gmt":"2022-02-18T10:29:12","guid":{"rendered":"https:\/\/www.innov8fs.co.za\/blog\/?p=928"},"modified":"2026-03-18T11:46:28","modified_gmt":"2026-03-18T11:46:28","slug":"there-is-a-lot-more-pain-in-store-for-bitcoin-holders","status":"publish","type":"post","link":"https:\/\/www.innov8fs.co.za\/blog\/2022\/02\/18\/there-is-a-lot-more-pain-in-store-for-bitcoin-holders\/","title":{"rendered":"There is a lot more pain in store for Bitcoin holders"},"content":{"rendered":"

There is a lot more pain in store for Bitcoin holders if the original cryptocurrency drops just a little more, analysts say.<\/p>\n

BTC fell overnight and into this morning to a nearly two-week low of US$40,260, and at lunchtime Sydney time was still down 8.1 per cent to US$40,518.<\/p>\n

The drop came amid a\u00a0dramatic escalation of shelling on the front lines between Russia and Ukraine<\/strong>\u00a0and as hawks on the Federal Reserve Open Market Committee\u00a0pushed for aggressive interest rate hikes<\/strong>\u00a0to combat inflation. On Wall Street,\u00a0the S&P 500 fell 2.1 per cent and the NASDAQ Composite fell 2.9 per cent<\/strong>.<\/p>\n

\u201cCrypto continuing to be driven by movement in equities,\u201d said City Index analyst\u00a0Tony Sycamore,<\/strong>\u00a0who on Wednesday had\u00a0warned<\/strong>\u00a0that risk assets like cryptos could be under pressure for awhile.<\/p>\n

\u201cBitcoin rejected the trendline resistance at $45k and this keeps risks to the downside, more so if important support at $39.5 breaks,\u201d he told Stockhead.<\/p>\n

\u201cIf the support at 39.5k goes it should see a retest of the January $32,950 low with risks to $28,500,\u201d he added.<\/p>\n

Think Markets analyst\u00a0Carl Capolingua<\/strong>\u00a0sees the support level slightly differently but is also warning of a big plunge.<\/p>\n

\u201cIf we get below $40,000 \u2013 that level is absolutely crucial \u2013 we\u2019re probably heading back into the low 30s,\u201d\u00a0he told Ausbiz TV this morning<\/strong>.<\/p>\n

While there\u2019s a scenario where the support holds, BTC recovers to $45,600, and the uptrend resumes, Capolingua saw it as unlikely.<\/p>\n

\u201cI think it\u2019s going to go down again, retest those lows, and maybe that\u2019ll be the big, meaningful low for 2022.\u201d<\/p>\n

A Twitter analyst who tweets under the handle\u00a0Bitcoin Charts<\/strong>\u00a0meanwhile\u00a0posted<\/strong>\u00a0that Bitcoin \u201cdoes remain in a bearish position on a macro level for a multitude of reasons.<\/p>\n

\u201cAnd with us now trading at the low of the range, it has become more likely that we continue down.\u201d<\/p>\n

But there are several \u201cgolden pocket\u201d Fibonacci retracement levels between $40,000 and $37,000 that could serve as support, he wrote. It\u2019s at those levels he was looking to possibly close his short positions and establish longs.<\/p>\n

By Derek Rose, Stockhead article 18 Feb 2022<\/p>\n

\"\"<\/p>\n

Crypto market down 6.4%<\/strong><\/p>\n

Overall the crypto market was at US$1.95 trillion, down 6.4 per cent from 24 hours ago, with only two cryptos in the top 100 in the green \u2013 a new coin called\u00a0Humans.ai<\/strong>\u00a0and\u00a0Osmosis<\/strong>.<\/p>\n

\"\"<\/p>\n

Ethereum was down 7.3 per cent to US$2,916.<\/p>\n

Kadena<\/strong>,\u00a0Theta Network<\/strong>,\u00a0Aave<\/strong>\u00a0and\u00a0Elrond<\/strong>\u00a0were the biggest losers in the top 100, all down by between 12 and 10 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"

There is a lot more pain in store for Bitcoin holders if the original cryptocurrency drops just a little more, analysts say. BTC fell overnight…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-928","post","type-post","status-publish","format-standard","hentry","category-innov8ions"],"_links":{"self":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/comments?post=928"}],"version-history":[{"count":1,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/928\/revisions"}],"predecessor-version":[{"id":931,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/928\/revisions\/931"}],"wp:attachment":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/media?parent=928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/categories?post=928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/tags?post=928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}