Bitcoin may pass $30K September lows, trader warns
Bitcoin (BTC) scooped liquidity at new lows on Jan. 7 as 2022 continued to deliver uninspiring price action.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its lowest levels since September overnight, reaching $40,938 on Bitstamp.
The pair had initially bounced at $42,000 but then renewed its descent, surpassing the floor seen in December's liquidation cascade.
Among traders, the discussion focused on a similar event occurring, with targets even including a crash below September's $30,000 lows.
"Could even go lower with a liquidation wick, below September lows," popular Twitter trader Crypto Ed warned as part of his latest forecast.
At current levels, Bitcoin thus also threatened to disappoint trader Anbessa on daily timeframes.
#Bitcoin price action explained (3/4)Zoomed in: Bearflag channel support hit after fakeout ✔️Inv H&S support hit again (2nd time) ✔️While I would tolerate a fakeout to $39.333 intradaythis support right now $42,4k should hold DAILY pic.twitter.com/Qv69dekie9
Macro odds were stacked against both Bitcoin and crypto, commentators argued, headwinds coming from — among other things — events in Kazakhstan, home to an estimated 18% of Bitcoin hash rate.
Following mass internet outages across the country this week, hash rate estimates began to show an abrupt dip of around 20 exahashes per second (EH/s) from what were previously all-time highs of 192 EH/s — evoking last year's Chinese miner exodus.
Looking forward, others likewise remained subdued on crypto market prospects thanks to macro economic policy.
Related: Bitcoin monthly RSI lowest since September 2020 in fresh ‘oversold’ signal
Among them was Arthur Hayes, former CEO of derivatives exchange BitMEX, who pointed at the United
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