Unless the Fed stops its action, it will be difficult for BTC to get out of the independent rally.
Over the last two days, the crypto market has continued to fall.
According to Ouyi data, Bitcoin reached $20,000 with a minimum decline of $20,800, the lowest level since December 2020; Ethereum fell below $1,100 with a minimum drop of $1,074, the lowest level since January 2021; and other altcoins lost more than 50% in the last 48 hours.
A number of macro indicators suggest that the crypto market is entering the darkest phase of this bear market cycle, according to a Glassnode analysis report; digital currency company Galaxy Digital Holdings founder and CEO Mike Novogratz believes that cryptocurrencies are closer to a “bottom” than U.S. stocks, with Ethereum bottoming at around $1,000 and Bitcoin around $20,000.
This does not, however, imply that it is suited for bottom-hunting at this time. After all, the macro economy and encrypted finance are inextricably linked. It will be difficult for Bitcoin to exit the independent rising market unless the Federal Reserve ceases raising or cutting interest rates.
