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Expert says, ‘Bitcoin is really down and missing out on a risk rally’

This week experts have been making commotion about bitcoin moving toward one of these pseudoscientific warnings: a feared “death cross”, According to the technical analysis of bitcoin.

“This chart continues to suggest to me that we could see bitcoin go all the way back below $1000 ($A1300) per bitcoin,” Bloomberg TV anchor and analyst Abigail Doolittle said this week.

Her colleague Mike McGlone, commodities strategists, agreed saying: “The death cross kind of scares me. The market is turning now.”

The bitcoin expert said the “key negative” is Fed tightening – when central banks increase official interest rates, raising the cost of borrowing and effectively reducing its attractiveness.

The Bloomberg News intelligence analyst said: “Since the history of bitcoin, as you can see if we go back a little bit on the chart, here we had a Fed tightening, bitcoin dropped down to below $1000.

“And we go back here and we head to June, we had another tightening and bitcoin drops again. So there’s a correlation there.

“Bitcoin has a tendency to peak with Fed tightening.” According to the day by day graph, BTC is stuck inside a falling channel (bring down highs and lower lows) and could drop to $6,100-$6,000 (falling channel bolster) if the digital money discovers acknowledgment beneath the quick help at $7,240. So, the week after week graph (not appeared) appears, solid help around $6,600.

As per the daily chart, BTC is stuck in a falling trap day by day reaching lower lows and could drop to $6,100-$6,000, In any case the cryptocurrency would get acceptance below the immediate support at $7,240. That said, the weekly chart shows, strong support around $6,600.

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