The Price of BTC moved back above the critical support level of $29,000 last Friday (May 13th) after dipping as low as $25,500 on the previous day. While BTC has yet to show signs that a recovery is on its way, the pause in the major selling pressure after an extended low seems to mirror the action seen exactly one year ago.

Traders should lower their protective stop to lock in order to lock in a greater profit.

In the last seven days Bitcoin has shed approximately 25% of value, if it fails to hold onto current support at roughly $29,000, Bitcoin could be in for an even worse week ahead.

Today Bitcoin declined to its lowest level in 2022, hitting a low of $30,330 on Bitstamp. It wasn’t just the crypto space that had a crash today nearly every single market except the U.S. dollar was deep in the red today as investors seem to finally have taken inflation levels at 40-year highs seriously.

Today Bitcoin traded to a lower low than yesterday reaching $35,250 before forming a slight recovery. Currently as of 4:20 PM EDT, Bitcoin is trading at $35,880 a decline of 1.8% on the day in the spot markets.

With the Biggest rate hike in twenty years happening today, with the Fed announcing a 0.5% rate hike, the broader markets were relieved that Powell did not initiate a .75% hike, and he pretty much alleviated the possibility of a .75% rate hike in the future. This was perceived as less hawkish and sent the equities markets into a rally.

Although we did see Bitcoin and other cryptocurrencies gain value today, the overall trend has been to the downside for the entire sector. Bitcoin is trading up by about 1.5% on the day but down 2.5% from a week ago and lower by nearly 17% compared to a month ago.

The 600-day simple moving average which had been acting as support for Bitcoin for around 100 days may be flipped into resistance today if we get a close below it on the daily charts.