We can’t catch a break, can we? Bitcoin dipped below $40K after rumors that the Federal Reserve would hike up interest rates four times in 2022.
) support near $42,000, resulting in a plunge to $39,660 before buyers stepped in to buy the perceived dip.Here’s what analysts are saying about this latest drawdown in BTC and what could possibly come next as analysts watch to see what the impact of the Fed's easy money policies ending means for risk-on assets.
Despite the late 2021 resurgence in BTC which once again established a new high at $68,789 in November, the continued drop in M2 supply has taken its toll on the market, which has been exasperated by the Fed sharing its plan to accelerate its timeline for raising interest rates.“The shift away from excess liquidity and accommodative monetary conditions is a structural headwind we’ve highlighted in recent months, which now appears to be coming to a head.
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