Here’s why Bitcoin traders say a drop to $38K is the worst case scenario By Cointelegraph

© Reuters.

The fallout from the Federal Reserve’s recent hawkish comments about raising interest rates as soon as March continued to weigh heavily on the cryptocurrency market on Jan. 6. The Crypto Fear & Greed index has been dialed down to 15 and some traders are lamenting the possible start of an extended bear market.

Crypto Fear & Greed Index. Source: Alternative

Data from Cointelegraph Markets Pro and TradingView shows that bears attempted to challenge the lows set on Jan.5, bringing BTC price down to $42,439 during early trading on Jan. 6.

BTC/USDT daily chart. Source: TradingView
1-week chart. Source: Twitter (NYSE:)
BTC/USD 1-day chart. Source: Twitter