• Bitcoin price is at risk of consolidating and staying below $30,000 for a long time as stock markets sell-off.
• Ethereum price reemerges above $1,955, but $2,000 might be too much of an ask. 
• XRP price tries to stay above $0.40, but the pressure is building for price action to submerge.

Bitcoin price, Ethereum and other cryptocurrencies are on the backfoot after the massive slaughter that happened on the trading floor on Wall Street yesterday. Instead of cleaning up the pink sheets from the floor, the cleaning staff are probably busy sweeping up plenty of burned-out traders that got annihilated overnight as the Dow Jones printed its worst performance since June 2020. Expect the pain to not at all be over yet as bear territory looms for several asset classes, and for cryptocurrencies that are set to enter their worst trading period in history, ‘winter is coming’.

Bitcoin price at risk of saying goodbye to $30,000, for a long time

Bitcoin (BTC) price tanked another 5% on Wednesday as investors threw in the towel on their positions in equities and cryptocurrencies. Whilst buying the dip looked to be a sound plan a few weeks ago, it now looks to be fraught with insecurity. As Bitcoin price recovers, a dead-cat-bounce is likely to unfold that will see price action lower in the next two trading days. 

BTC price has dented investors’ confidence and could see more outflows as its volume bleeds further. To make matters even worse, more regulatory crackdowns are being announced by the US State Department, and greater numbers of investors and companies are looking at their ESG rankings, which, admittedly, cryptocurrencies do not perform well at given their massive energy consumption from mining This could result in a bearish weight that…