The cryptocurrencies has generally moved below the given support levels last week, making it difficult for the bulls to recover. The rate decision on Wednesday will determine the pace of rate hikes, and it can bring high volatility to the market. In terms of regional crisis, a number of Euro-countries have adopted the Ruble to settle expired natural gas prices, which has eased the further escalation. This week, the market will pay more attention to the pace of rate hikes and Powell’s remarks on rate hikes.

Last week, BTC broke down the support level after pausing slightly at the level. As mentioned in our previous report, how to break the range will determine the subsequent trend. The current price is close to the lower rail of the previous range, which is a strong support level , but judging from the situation in the last week, the bulls have not established a strong position on the dairy-scale . On the contrary, the red candle show more power.
Conclusion: Mostly fluctuation, and it is more likely to fall after fluctuation. The bulls have missed many good opportunities to enter a bullish channel this month, and they lack confidence. If there is no factor that can cheer the bulls up in the short term, there is a high probability that it will continue for a while. We lowered the support level to 37000, which is a level that will be supported by strong bullish power near this level.The resistance level is the original support at 39600.

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