Bitcoin conundrum: Will it soar to $100,000 milestone or slump to $35,000 levels?

economictimes.indiatimes.com:

Bitcoin did not have a strong start to 2022 as it remained under pressure in the new year. However, the recent token moved sharply in the last 10 days, before losing steam once again. After hitting the $45,000 mark, Bitcoin has seen sharp selling pressure and is heading towards its crucial support levels, technical charts suggest. Breaking these levels, the crypto behemoth is likely to fall to $35,000 levels, experts said. Investors are bracing for more gyrations in the numero uno crypto asset, as global worries threaten to squelch risk appetite across markets. The volatility, traditionally associated with cryptocurrencies, has been on full display in recent weeks.

Did you Know?

A statue honouring mysterious Bitcoin founder Satoshi Nakamoto was unveiled in a business park near the Danube River in the Hungarian capital Budapest

Edul Patel CEO and Co-Founder, Mudrex, said that the correlation between the equity markets and the crypto market is weighing down on the cryptocurrency ecosystem. «For Bitcoin, $41,200 is a crucial support level, which if broken, we might see bitcoin Heading below the $40,000 mark in the coming days,» he added. The cryptocurrency has risen about 30 per cent within a week to hit $45,300 levels on February 11, but it could not sustain the highs, thanks to selling pressure and profit booking over the weekend. Reading the technical charts, Melbin Thomas, co-founder of Sahicoin said that Bitcoin isn’t bullish on a bigger timeframe. The last four-five days have noticed red candles on the daily chart with a drop in volumes. Market experts say that macroeconomic factors at global level including geopolitical tensions between Russia and Ukraine, rising bond yield, US Fed's hawkish