BTC Accumulation Behaviors Falter; Azuki Collection Crashes After Blog Post
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On Tuesday, the broader crypto market sank even further amidst a massive sell-off within the traditional financial markets that was triggered by the U.S. Federal Reserve's hawkish monetary tightening policies, and the fears of a looming recession. This bearish momentum has pushed BTC below the critical $30k support level for the first time since July of 2021. After this recent decline, BTC is now more than 55% down from its historical all-time high price of $69k. As of the time of writing, BTC is consolidating its losses above the $31k level after shedding 5.8% of its market value in the last 24 hours. A major bearish trendline with the upper bound sitting near the $32k level is also forming on BTC's hourly chart. In some better news, a short recovery wave might kick off if BTC's price can break above said resistance level. On the flip side, there is also a chance that the extant bearish momentum will bring BTC down even further to test the support levels within the $28k-$29.5k zone.