As Evergrande announced insolvency last week, the price of Bitcoin took a hit alongside other cryptocurrencies. With a total loss of more than 10%. Bitcoin crashed from $52, 000, its highest price in months, to $43,000 in less than a week. Coupled with the China currency ban, the price of Bitcoin and other cryptos plunged, driving the price of Bitcoin to $40,000.
The crypto market is currently in a panic mood right now as the FEDs look to raise interest rates in the US. This will likely leave the currency market in a sideways movement for the next few months as the market readjusts itself.
Only short-term investment in Bitcoin and other high-priced cryptocurrencies is advisable as the market readjusts itself. The price of Bitcoin is currently in a range on the 4hr chart and will likely continue to range in the short term. The highest price is at $45,000 and the lowest price is now at $40,000. Price is trading at $43,117 at publishing time.
The $40,000 support level has been tested a few times and will likely continue to hold while price ranges.
Investors are presently interested in medium to short-term investment in Bitcoin as currency policy changes.