Bitcoin fell below $18,000 after the US Federal Reserve raised its key rate by 50 basis points on December 14 to 4.25-4.5% per annum. This is the highest key rate since 2007. By the weekend, bitcoin was trading around $17,000, periodically dropping below this mark. The price oscillates in the large falling wedge pattern.
Support levels are at $16,500, $16,000, $15,500. Currently, a drop down to the $15K support area seems possible.
Approximately $2 trillion in value was wiped from the combined crypto market in just 12 months.
Now, amid a fresh panic caused by rumors about Binance's legal problems, exacerbates the bear market.
The opinion of crypto investors is divided. Someone expects the bear market to end soon and move to growth. Others do not expect major breakthroughs from bitcoin in the coming years.
However, most crypto investors tend to think about a long crypto winter that is unlikely to end anytime soon.