So we didn't make it to $100K... ...but what month is it going to hit in 2022?
that historically, the S&P 500 tends to post negative returns in the 12-month period when the Fed undertakes three or more rate increases.
This suggests that sentiment remained positive and traders were using the dips to accumulate. The subsequent rally drove the pair to a new all-time high at $69,000, but bulls could not sustain the higher levels. This shows that traders are booking profits on rallies. The 20-week EMA has started to turn down gradually, and the RSI has dipped into the negative zone, suggesting that bears are attempting a comeback. The bulls attempted to defend the 50-week simple moving average but could not drive the price above the 20-week EMA.
If they succeed, the bullish momentum could pick up, and the pair could start its northward journey toward the $100,000–$109,000 price zone where the rally may face strong headwinds.
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