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$27,200 Is Next Support for Bitcoin: Fairlead Strategies Founder

Thu, 05/05/2022 - 14:45
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Yuri Molchan
Fairlead Strategies' Katie Stockton believes that it is "eerily quiet" in the crypto market right now, while BTC is falling along with Nasdaq and S&P 500
$27,200 Is Next Support for Bitcoin: Fairlead Strategies Founder
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Speaking to CNBC host Joe Kernen during a recent episode of Squawk Box, Katie Stockton, founder and managing partner at Fairlead Strategies, stated that she believes the Bitcoin chart is broken and expects the flagship crypto to start going down along with the stock market.

"$27,200 is a likely support level"

The expert has referred to the crypto market as "eerily quiet" now, speaking about Bitcoin in particular.

Stockton stated that long side movements of Bitcoin are quite able to break the current support level. Citing Fibonacci technical levels, she named $27,200 as a likely level where Bitcoin may find the next support when it begins dropping.

Besides, the founder of Fairlead Strategies pointed out a strong correlation between Bitcoin and the Nasdaq 100, and the S&P 500 indexes, which are going down at the moment, stated that Bitcoin should be considered a risky asset now as it may follow those stocks.

As for the stock market, she expressed a view that nothing positive can be said about this market now from the technical analysis side.

$7.5 Billion Worth of ETH Taken Off Major Exchanges in Months; This Might Be a Bullish Sign for Price

Bitcoin drops to $38,870 after historic rate hike

On May 4, the Federal Reserve implemented a long-expected rate hike by half a basis point—the highest increase of interest rates in 22 years. On that day, Bitcoin first responded to this historic event with an almost 3% increase, showing stability and even small growth—to the $39,868 level.

However, today, the leading cryptocurrency began to decline, erasing this gain and dropping further. At the time of this writing, Bitcoin is trading at $38,802.

The Nasdaq composite index has fallen 3.37% today. The S&P 500 is down 2.51% today as well.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at

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