Today Bitcoin declined to its lowest level in 2022, hitting a low of $30,330 on Bitstamp. It wasn’t just the crypto space that had a crash today nearly every single market except the U.S. dollar was deep in the red today as investors seem to finally have taken inflation levels at 40-year highs seriously.

Today Bitcoin traded to a lower low than yesterday reaching $35,250 before forming a slight recovery. Currently as of 4:20 PM EDT, Bitcoin is trading at $35,880 a decline of 1.8% on the day in the spot markets.

With the Biggest rate hike in twenty years happening today, with the Fed announcing a 0.5% rate hike, the broader markets were relieved that Powell did not initiate a .75% hike, and he pretty much alleviated the possibility of a .75% rate hike in the future. This was perceived as less hawkish and sent the equities markets into a rally.

Although we did see Bitcoin and other cryptocurrencies gain value today, the overall trend has been to the downside for the entire sector. Bitcoin is trading up by about 1.5% on the day but down 2.5% from a week ago and lower by nearly 17% compared to a month ago.

The 600-day simple moving average which had been acting as support for Bitcoin for around 100 days may be flipped into resistance today if we get a close below it on the daily charts.

On the heels of a 3% decline in the Nasdaq Composite, Bitcoin hit a new low for the month, reaching levels not seen since mid-March. As of 3:10 PM ET, Bitcoin is trading down by approximately $2,000 or around 4.8% at $38,500, according to Coinbase.

Today we got a confirmation of our ‘three-river drowning cat’ pattern with Bitcoin trading lower by over 2% or $800 as of 5:15 PM, ET. Today’s confirming candle is textbook with a lower low and lower high and appears as though we may get our first close below the 600-day SMA (simple moving average) in almost precisely two years.

Over the last four days, Bitcoin has had consecutive higher highs but is lacking any signs of a bullish reversal.

Today Bitcoin continued to gain ground after hitting a low of $38,500 before making a dramatic recovery. Currently, as of 3:00 PM ET Bitcoin is trading at around $41,440. That equates to a gain of 1.65% or $700 for the flagship cryptocurrency on the day and a $2,000 gain so far for the week.