{"id":158003,"date":"2022-05-21T21:19:00","date_gmt":"2022-05-21T21:19:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158003"},"modified":"2022-05-21T21:19:00","modified_gmt":"2022-05-21T21:19:00","slug":"galaxy-capitals-mike-novogratz-warns-that-finding-crypto-bottoms-is-dangerous-altcoins-could-dump-by-another-70","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/galaxy-capitals-mike-novogratz-warns-that-finding-crypto-bottoms-is-dangerous-altcoins-could-dump-by-another-70\/","title":{"rendered":"Galaxy Capital&#039;s Mike Novogratz Warns that Finding Crypto Bottoms is Dangerous, Altcoins Could Dump by Another 70%"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/Crypto-market-bottoms-are-dangerous-altcoin-770x484.jpg\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Bitcoin Continues to Consolidate Between $30k and $28k<\/h2>\n<p>Concerning price action, Bitcoin continues to consolidate between the $30k resistance level and the $28k support level. The King of Crypto continues to trade in bear territory below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages, as seen in the following BTC\/USDT chart.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/05\/BTCUSDT_2022-05-21_19-36-58.png\"><\/p>\n<p>However, the daily MFI, MACD, and RSI are in oversold territory and could signal a continuation of consolidation or an attempt at reclaiming $30k as support.<\/p>\n<p>But caution is advised longing Bitcoin given the bearish mood surrounding both the traditional and crypto markets due to various global central banks, including the US Fed, increasing interest rates to tame inflation.<\/p>\n<p>Consequently, the consolidation being observed by Bitcoin could be the genesis of another drop to lower levels, such as the recent low of $26,700 or even lower to Arthur Hayes&#8217; forecast of $20k.<\/p>\n<p>Source: <a href=\"https:\/\/en.ethereumworldnews.com\/galaxy-capitals-mike-novogratz-warns-crypto-bottoms-is-dangerous-altcoins-could-dump-by-70\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Continues to Consolidate Between $30k and<\/p>\n","protected":false},"author":3,"featured_media":158002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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