Despite some positive developments earlier this month, the crypto market is experiencing some moderate bloodletting as Bitcoin hits its 2022 low.
Bitcoin has fallen under $19,000, the support zone of 2017 highs. The crypto market cap has also fallen below $950 billion. After a bearish reaction below the $19,500 support, Bitcoin price started a major decline. The price is now moving lower low towards the $18,500 support zone. The next intraday support is near the $18,200 zone, below which the price could even test the major $16,300 support zone.
The Bitcoin price has been struggling with the 200-week moving average for 14 straight weeks, longest in history. Same goes with Crypto Fear & Greed index which is in extreme fear zone for more almost entire 2022.