Cryptocurrency

Bitcoin Extends Losses into the Second Straight Week

Nikos Tzabouras Written by Nikos Tzabouras

BTC/USD – H4

The pair has entered its second straight negative week and has not posted a profitable months since October of the last year. Although it has shown some traits of a safe-haven from time to time, it has definitely not been able to act as such, during the Ukraine crisis.

The cryptocurrency had managed to rebound after January's 2022 lows (32,939), but this effort was stopped by the 38.2% Fibonacci of the drop from its record highs (October 2021) to the aforementioned lows. This makes it vulnerable to 32,939, but it is probably early for a larger drop towards 27,892.

Despite its poor recent streak, BTC/USD is trying to find support today and the Relative Strength Index (RSI) reveals oversold conditions. As such, it may be able push back and reclaim 40,000, but it does not inspire confidence at this stage, for challenging key 42,200-43,200. A break above this region, which contains the EMA200 and the descending trend-line from November's all- time highs, would ease downward pressure.

Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

${getInstrumentData.name} / ${getInstrumentData.ticker} /

Exchange: ${getInstrumentData.exchange}

${getInstrumentData.bid} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)

${getInstrumentData.oneYearLow} 52/wk Range ${getInstrumentData.oneYearHigh}
Learn More
Disclosure

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.

Past Performance: Past Performance is not an indicator of future results.

Spreads Widget: When static spreads are displayed, the figures reflect a time-stamped snapshot as of when the market closes. Spreads are variable and are subject to delay. Single Share prices are subject to a 15 minute delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays, or for actions relying on this information.