Cryptos rebound as dollar weakens

Bitcoin has already lost over 20% of its value within 2022, but on Monday the bulls started regaining some of the lost ground and its ascend continued on Tuesday. It remains to be seen whether this is a temporary advance, or if a bullish market can prevail and reverse the downtrend that many major cryptos have been following the past months. 

Regulatory concerns are keeping the price of cryptos down, as many countries around the world are launching a crackdown on cryptocurrencies. US Congressman Ted Budd submitted an amendment to scrub a bill provision allowing the U.S. Treasury to unilaterally prohibit certain financial transactions without public input. If this bill passes, it would put pressure on cryptocurrencies, especially since many other countries are trying to limit cryptocurrency advertising and mining.

Bitcoin climbed above $39,000 on Tuesday as the dollar weakened. If BTC price declines, it may find support around $33,000, while if the price of Bitcoin goes up, it may find resistance at $43,000 and further up at $44,300. Ethereum climbed above $2,800 on Tuesday. If its price goes down, it may find support around $2,640 and further down at $2,310. In case its price goes up, it may find resistance around $3,000 and further up around $3,220.

BTC/USD 1h Chart

ETH/USD 1h Chart

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Written by:
Myrsini Giannouli

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