Winter and Recession–Both Are Coming! What's In Store For Crypto Market?
Over the past day, the value of the global cryptocurrency market has decreased. Bitcoin, Ethereum, and other cryptocurrencies have been impacted by the performance change and between $19,100 and $20,000, there is a strong barrier to the price of Bitcoin. According to Charles Schwab, the recession may only be starting to cause concern for Bitcoin investors.
One of the main indicators of the global economy has dropped to risky levels, according to Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab. He draws attention to the fact that the OECD’s total leading indicators have slipped into peril. Kleintop contends that the world economy experiences a recession each time this indicator dips below 99.
He goes on to say that this metric last dropped below 99 in 2020, during which time the pandemic-related global economic downturn occurred. Similar events occurred in early 2008, early 2001, late 1990, late 1981, mid-1974, and mid-1970 when it dropped below 99. It is now below the 99-point threshold.
The world economy will experience a severe recession in 2023, according to the World Bank. The hawkish policy direction of central banks is to blame for the decrease in demand.
Bitcoin Price Action:
The $20,000 level is where the major resistance is located. A close above $20,000 might perhaps signal the beginning of a gradual climb over the next few days. In the hypothetical situation, the cost might increase to around $21,000. Any further increases might lay the stage for a move in the direction of the $22,500 mark.
Early support for the downside is located close to the $18,800 mark. Near the $18,500 region, the major breakdown support is located. In the upcoming sessions, bitcoin could fall toward the $17,500 support if there is a downward break.
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