It’s a terrible day for cryptocurrencies, and altcoins are selling off as BTC rushes to a new daily low. ETHBTC parity has been making deeper bottoms for a long time. As if this wasn’t bad enough for altcoins, now BTC has dropped below $85,000. So how long will this decline continue?
Why Is Bitcoin Falling?
As we shared the details today, the bear flag has broken down and Japan is approximately 9 hours away from the interest rate decision. The expectation for the decision to be announced at 07:30 CET is an interest rate increase, and cryptocurrency investors are rightfully reducing their risks as the daily close approaches. He made the last big warning on Sunday and mentioned that we might see bigger bottoms this week.
Now, despite the great inflation report, BTC has fallen below $84,500. 2 months BTC price His actions are just a liquidity hunting game. The bears have a valid reason for further decline today, and as a result, we have to watch this decline on solid ground.
As long as BTC cannot regain $ 90 thousand, the bear flag, which has broken down from the support and under which we have seen closings for days, may enable sales to continue up to $ 80,300. The main problem will be that with the loss of this level, the bottom will extend to 76 thousand dollars. Many analysts predicted such a bottom.
The $76,588 and $74,500 range worked as support during the April decline this year. If the interest rate increase in the morning ignites a larger wave of fear, BTC may return from these levels. However, it is possible that we will see a recovery at some point due to good employment and inflation data. Thus, the short liquidity that has started to accumulate above can also be liquidated and the liquidation game continues.
ETH, SOL, XRP Target
Many altcoins are extending their losses as BTC rushes to deeper bottoms. ETHBTC The pair is just above the 0.03228 support and below it is the 0.0318 support. In other words, altcoins must now be at the bottom, otherwise a new bottom will be sought between 0.0299 and 0.0267. The target for the ETHUSD parity is $ 2730, and with its loss, we can see lower wicks extending to $ 2393.
Solana (LEFT) It’s worst of all because it fell back into the oversold territory it was in in April. The $119 support is lost and $112 could be the first stop. Below this, we can see lower wicks extending to the $96 base support.
Ripple (XRP) 
$1.93 It had lost the $1.98 support and the low from the November 21 decline is being pulled down. Now the target is $1.62.
Democratic Party MPs say the US is against China artificial intelligence chip introduced a bill banning its sale. Democrats are throwing wood on the fire as the nightmare gets scarier.
