When can the Bulls return to the charts?
The cryptocurrency market in the past weeks confirmed its correlation with overall market sentiment. And that was the reason that many crypto investors ad market participants were waiting for the FED meeting. The same reaction that we saw in almost all leading indices on Wall Street, we saw in the BTC chart as well.
With current overstretched monetary policies that increase the recession chance, risky assets still will be under pressure. To get out of the current pressures, we must follow the global economic conditions, especially in the US, and the fate of inflation. When the economy can start recovering again, and inflation reduces, cash flow will increase and lift the markets, including cryptocurrencies.
From the technical point of view, BTC in all main charts still moves in a clear downtrend, with the first resistance sitting at 20-DMA at 28,500. Lower than the current level, 20,000 USD is the psychological support, and breaching under that can put the 14,000 in the spotlight.
