During the current week, Bitcoin gained
slightly, and in the process, it
constituted a new high at 24 280.30
USD. However, since then, it has
started to move sideways and
struggled to move higher. Because of
that, I will continue to pay close
attention to the volume and technical
indicators. I think BTCUSD might continue a little bit higher in the short-term;
however, in the medium and long term,
we remain bearish. That is mainly due
to bearish fundamental factors like
higher interest rates, economic
tightening, and looming recession. I
expect these factors to weigh on the
U.S. economy and stock market,
eventually dragging the price of
cryptocurrencies lower.
Furthermore, systemic cracks are
appearing in the cryptocurrency sector,
beginning with the recent fallout of the
Luna stablecoin token, followed by the
bankruptcy of Celsius Network, and the
spillover effect into other institutions.
The list of affected companies by
restrictions on withdrawals of funds/
cryptocurrencies and bankruptcies
continues to grow. Voyager, Sky-
Bridge Capital, and CoinFlex now
welcome the latest addition to the list:
Zipmex. These are, however, just a few
to name. I expect the list to grow in
the future with many cryptocurrency
projects going bust. Besides these issues, I also foresee more threats from the U.S. regulator, which will further complicate the market
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