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Has BTC Established Its Bottom Yet or Will It Drop Further?

Bitcoin (BTC) has hit the 0.786 level of a long-term Fibonacci retracement. Both BTC and the S&P 500 Index are up over the last 24 hours and down over the last month. BTC may...
Has BTC Established Its Bottom Yet or Will It Drop Further? © Reuters. Has BTC Established Its Bottom Yet or Will It Drop Further?

  • Bitcoin (BTC) has hit the 0.786 level of a long-term Fibonacci retracement.
  • Both BTC and the S&P 500 Index are up over the last 24 hours and down over the last month.
  • BTC may not have established its bottom yet as the Federal Reserve continues to tighten monetary policy.

Bitcoin (BTC), the largest crypto by market cap, has hit the 0.786 level of a long-term Fibonacci retracement. Does this mean that the bottom for BTC and the rest of the crypto market has been formed?

To better answer the question about whether or not the crypto market bottoms have been formed, it’s best to take a look at the current situation with the S&P 500.

Historically, the price movement of BTC has simulated that of the index to a certain degree. This was seen in the 2018 crypto bear market and the start of the COVID-19 pandemic. Both BTC and the S&P 500 Index are down over the last month. S&P 500 is down by 7.52% and BTC is down -33.50% over the last 30 days.

The correlation can also be seen today as the S&P 500 is up by 0.22%, while BTC is up by 2.56% in the last 24 hours.

With this correlation, there are fears that BTC has not established its bottom yet. The main reason for this is that BTC may be at the mercy of traditional stocks. With this in mind, a pattern has been established historically wherein stocks only recover once the U.S. Federal Reserve eases monetary policy.

This is a silver lining for crypto investors because they can now potentially gauge when BTC will hit its bottom.

However, the problem with this silver lining is that the U.S. Fed has shown no intention of easing monetary policy, quite the opposite in fact, as they have increased the interest rate by the largest percentage in the last 40 years. The Fed has also indicated that more interest rate increases will happen throughout the year.

With this being the case, BTC’s price may not have hit its bottom yet.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Continue reading on CoinQuora

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27-06-2022 06:35:46 (UTC+7)

EUR/USD

1.0568

+0.0014 (+0.13%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (4)

EUR/USD

1.0568

+0.0014 (+0.13%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (4)

GBP/USD

1.2290

+0.0028 (+0.23%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

USD/JPY

135.13

-0.04 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.6953

+0.0006 (+0.08%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

USD/CAD

1.2888

-0.0004 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (7)

EUR/JPY

142.79

+0.13 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

EUR/CHF

1.0115

+0.0006 (+0.06%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (5)

Gold Futures

1,832.85

+2.55 (+0.14%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

Silver Futures

21.198

+0.039 (+0.18%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

Copper Futures

3.7755

+0.0310 (+0.83%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Crude Oil WTI Futures

106.53

-1.09 (-1.01%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (2)

Brent Oil Futures

108.06

-1.04 (-0.95%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (7)

Sell (1)

Natural Gas Futures

6.228

-0.053 (-0.84%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (3)

US Coffee C Futures

223.40

-5.60 (-2.45%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

Euro Stoxx 50

3,533.17

+96.88 (+2.82%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (4)

S&P 500

3,911.74

+116.01 (+3.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,118.13

+205.54 (+1.59%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (7)

FTSE 100

7,208.81

+188.36 (+2.68%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Hang Seng

21,719.06

+445.19 (+2.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

US Small Cap 2000

1,765.74

+54.06 (+3.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,244.10

+137.70 (+1.70%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (5)

BASF SE NA O.N.

42.215

+0.785 (+1.89%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

57.79

-0.75 (-1.28%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (7)

Allianz SE VNA O.N.

181.20

+2.20 (+1.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (4)

Adidas AG

170.36

+3.30 (+1.98%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

Deutsche Lufthansa AG

5.966

-0.310 (-4.94%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (6)

Siemens AG Class N

102.62

+3.36 (+3.39%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Deutsche Bank AG

8.919

+0.407 (+4.78%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0568Neutral
 GBP/USD1.2290Neutral
 USD/JPY135.13↑ Sell
 AUD/USD0.6953Buy
 USD/CAD1.2888↑ Sell
 EUR/JPY142.79↑ Sell
 EUR/CHF1.0115Neutral
 Gold1,832.85↑ Sell
 Silver21.198↑ Sell
 Copper3.7755↑ Buy
 Crude Oil WTI106.53↑ Buy
 Brent Oil108.06Neutral
 Natural Gas6.228Neutral
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,760/ 6,840
(6,760/ 6,840) # 1,696
SJC HCM6,785/ 6,865
(0/ 0) # 1,716
SJC Hanoi6,785/ 6,867
(0/ 0) # 1,718
SJC Danang6,785/ 6,867
(0/ 0) # 1,718
SJC Nhatrang6,785/ 6,867
(0/ 0) # 1,718
SJC Cantho6,785/ 6,867
(0/ 0) # 1,718
Cập nhật 27-06-2022 06:35:48
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ↀ Giá vàng thế giới
$1,831.03+3.750.21%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$106.56+0.980.92%
Brent$109.81+3.262.97%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.080,0023.390,00
EUR23.828,4125.163,09
GBP27.747,3328.930,97
JPY167,31177,13
KRW15,4518,82
Cập nhật lúc 06:31:38 27/06/2022
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