After winter and recession – both are coming! What’s in Store for the Crypto Market? Appeared first on Coinpedia Fintech News
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.
According to Jeffrey Kleintop, chief global investment strategist at Charles Schwab, one of the main indicators of the global economy has fallen to risky levels. He draws attention to the fact that the overall leading indicator of the OECD is in danger. Kleintop argues that the world economy experiences a recession every time this indicator falls 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.
According to the World Bank, the world economy will experience a severe recession in 2023. The sharp policy of central banks is being blamed for the slowdown 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.
An initial support for the downside is near the $18,800 mark. A major breakdown support is located near the $18,500 area. If there is a downside break, bitcoin could drop to the $17,500 support level in the upcoming session.
