Although Bitcoin marginally declined last week, there are still concerns of further downside, as there are strong indications its price could close below $15,000, according to analysts. This is because the actions of macroeconomic policies are still weighing down on riskier assets like the cryptocurrency market. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.
In comparison, major United States stock market indices continued their decline last week as worsening macroeconomic conditions increased concerns of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.
Several investors miss opportunities to buy during sharp corrections because they try to catch the bottom. Traders should rather focus on the projects they like and accumulate the coins in a phased manner lasting a few weeks or months. All coins do not bottom at the same time, hence it is better to focus on individual cryptocurrencies that show strength.
