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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%.

The damage in the crypto markets was even harsher with Bitcoin plunging 56.2% in the second quarter, its sharpest quarterly fall since the 67% fall in the third quarter of 2011. A large part of the losses happened in June when Bitcoin shed 37.3%, its biggest monthly fall since 2011.

In another morale booster to Bitcoin bulls, Deutsche Bank analysts Marion Laboure and Galina Pozdnyakova said in a recent report that Bitcoin could rise to $28,000 by the end of the year. According to the analysts, the crypto markets will be boosted by a strong recovery in the S&P 500 which could rise to its January levels.

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.

The bulls will attempt to push the price above the 20-day exponential moving average (EMA). This is an important level to keep an eye on because a break and close above it will suggest that the bears may be losing their grip.

The BTC/USD pair could then attempt a rally to the resistance line of the descending channel. A break and close above this level could signal a potential change in trend.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies.

The bears will then again try to pull the price below $18,500 and challenge the critical support at $17,567.45. If this support cracks, the pair could resume the downtrend. The next support on the downside is $16,000 and then $14,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- Globiance


- Age of Zalmoxis

- Faith Tribe

- ZiberBugs

- Brise Paradise

- PlutusFi

- LunaOne

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