Wednesday, July 6, 2022

Bitcoin Could Rally Above $23,000 in the Short Term

Bitcoin Could Rally Above $23,000 in the Short Term
 
 

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Hi Crypto Academy Network,

The first half of 2022 has been brutal for both the cryptocurrency and equity markets. Investors fled risky assets as the United States Federal Reserve commenced aggressive monetary tightening to control surging inflation and that stoked fears of a recession.

The S&P 500 plunged 20.6% in the first six months of the year, its worst performance since the first half of 1970. According to Fox Business, Nasdaq recorded its worst-ever performance in the first six months of the year with a drop of 29.5%.

Bitcoin plunged below the immediate support at $19,500 but the bulls bought the dip near $18,500. The buyers successfully defended this level from June 30 to July 3 and that started a recovery on July 4.

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