Bitcoin drops to $19.7K as recession concerns weigh on financial markets, euro nears dollar parity. By shauryamalwa
Bitcoin dropped through a major support level Tuesday, falling below $19,700 amid a sell-off in broader markets that saw equity indexes decline and the euro approach parity with the U.S. dollar.
Price-charts show bitcoin saw rejection at last week’s $21,800 level. It experienced some support at $20,500 over the weekend and dropped to the $19,700 mark in early Asian hours today. A brief bump up to almost $20,000 was followed a return to the lower level in the European morning. Bitcoin could drop to as low as $18,700, a level it reached earlier this month, technical analysis shows. A recovery from current levels, on the other hand, could see bitcoin climbing as high as the $21,300 zone in coming weeks.The declines came as Singapore state-owned Temasek Holdings, which manages more than $287 billion of assets, cautioned of more downturns across financial markets, citing the likelihood of a “recession in developed markets.
Temasek said it forecast a “mild recession” in the U.S. next year, adding that China faces “challenges” and the global economy “is in a fragile state.” “Rising inflation, surging commodity prices, and severe supply chain bottlenecks have uncovered further fault lines in the global marketplace,” it said in aThe euro dropped to a 20-year low of $1.0002 against the dollar, approaching parity.
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