Bitcoin has been in a slump since Friday dropping over 12% and erasing more than one trillion dollars in the market cap. Investors and Traders alike are trying to figure out what is going on in the crypto space, since Bitcoin is supposed to be deflationary. However after the NASDAQ took a beating on Friday the Crypto goliath has taken a beating. Lets take a look at the chart below.

Trade Crypto here

Bitcoin has a key support level at 34,977.78 Which has broken. Bitcoins next support is at 32,209.48 and it’s third support is at 29,948.98. If the third support doesn’t hold for Bitcoin then BTC can test 52 week lows at 28,860.59. On the bright side of things if buying pressure picks up BTC doesn’t have much resistance. First resistance is at 40,006.57 2nd resistance point at 43,267.06 and 3rd resistance at 45,035.36. Bitcoin is very volatile and moves very fast both up and down. There are only 18,925,137 Bitcoin’s currently and only 21 million Bitcoin’s in the total supply.

In Conclusion I suspect we are hitting rocky times. Bitcoin moved very fast in one of the largest Bull markets in history through 2020 and 2021. 2022 will be an interesting year for Crypto investors and traders. There’s a lot of speculations currently in the sector, but as always nobody has a crystal ball.

Disclaimer this is not investment advice please contact a financial advisor before taking a risky investment.