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Weekly Bitpanda Pro market recap #66

Bitpanda Pro

By Bitpanda Pro


Highlights of the week:  

  • BTC crosses below 2018’s highest price

  • Ethereum follows Bitcoin’s downtrend

  • Almost all altcoins plummet

BTC crosses under 2018’s highest price

This week, the crypto market sentiment moved to an even deeper “extreme fear” zone as Bitcoin’s weekly price candle printed another negative week in a row. 

Over the weekend, the Crypto Fear & Greed Index posted its second-lowest ever reading at 6/100, with Bitcoin falling sharply below the €19,150 support zone. A low was formed near the €16,765 level before the price began an upside correction. 

This week, Bitcoin reached its lowest value in the previous year at €16,831.62: meaning that BTC plunged under the highest price of the year 2018. Why are we comparing 2022 and 2018? Bitcoin is now in the middle of its halving cycle, since the next halving is supposed to take place in 2024 and Bitcoin was at the same stage in 2018, two years before the halving in 2020 and two years after the halving of 2016. 2022 and 2018 are both mid-point in two halving cycles. 

BTC made history by crossing below its previous halving cycle’s highest price, as Bitcoin bulls are still trying to place a support level. The weekly chart printed a major break-through session for Bitcoin, ranking it among the deepest historical corrections.

Prices on the cryptocurrencies market have been affected by a mix of bad news, growing interest rates, skyrocketing inflation and geopolitical tensions. These factors influenced activity on the trading floor, causing a major decrease in prices. Well-known crypto funds also suffered from overwhelming losses, forcing liquidations.

Bitcoin is down around 40% in June so far, making it the worst June in BTC’s history, while the drawdown from last November’s all-time high is approaching 80%. Historical records of bear cycles typically show 80 to 90% drawdowns off the peaks. This historical data could give some insight into the likelihood that a floor could be nearby. 

Bitcoin also dipped below the 200-week simple moving average (SMA), which was a long-term support line historically. While it slipped below this average a couple of times before, it has rarely stayed under for a long time.

Ethereum follows Bitcoin’s downtrend

Ethereum’s price plummeted dramatically and fell under the €950 support level and a low formed just above the €800 level. Daily candle wicks show a great amount of volatility as the price is trying to stabilise around the €950 level, the lowest from January 2021. Ethereum is down some 80% from the top formed in December last year.

Almost all altcoins plummeting

SOL has bounced back after hitting a low at €25 and is now trading close to the €36 mark. In a bullish move, the price also passed a descending trendline, which is considered very positive for the bulls. The trendline now acts as a support.

DOT bounced some 25% in the last 7 days as the wider cryptocurrency market enjoyed significant gains. The price is trading inside of a wedge pattern. A breakout from the upper resistance level could push DOT higher, while a breakdown could imply the continuation of the bearish trend. Wicks on daily charts show that buyers are strongly defending the €6 level, which is a strong support level for now.

The BEST/BTC pair continues to trade inside of a triangle pattern. Bulls have managed to hold the support level at approximately the 0.000017 level. Large wicks indicate very volatile trading sessions, but for now the pattern remains unbroken.

ApeCoin was hit hard during last week’s crypto crash. The token lost some 85% from the top it had reached in mid-April and is now trading inside of a falling wedge. The bulls pushed the price to the upper resistance level but were unable to flip the trend for now.

The market crash led to a sharp decline in APE market value. ApeCoin still remains a top 50 digital asset by market cap, even though it lost around €2.5 billion just in May. 

XRP fell under the long-term trendline and although the bearish momentum has been reduced, there is still no sign of bulls entering the market. The RSI is moving under 50 but showing positive divergence, indicating that the bearish momentum may be weakening.

DOGE started recovery along with the broader crypto market and reached the 20-day EMA. Bulls are trying to push the price up to a descending trendline (the first major resistance level) at around €0.07.

Have you been following Bitcoin’s price development or the smaller caps’ formations and want to act on the market moves on the go? Make sure you trade using our Bitpanda Pro iOS and Android apps. For a convenient trading experience from your computer, you can also rely on the traditional Bitpanda Pro crypto exchange.


This content is for informational purposes only and is not to be taken as financial advice. We highly recommend taking the time to do the necessary research before making any investment. Be aware that past performance is no indication of future results.

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