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(Bloomberg) — Bitcoin fell to its lowest level in three weeks as stocks continued to slide.

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The largest cryptocurrency fell 1.9% on Tuesday to $16,277, its lowest level since November 29. Second-biggest Ether fell 2.1% to its lowest since November 28. the fourth straight session amid nervousness about the Federal Reserve’s possible rate hike path.

“We expect a retest of the November low near $15,600 in the coming weeks,” said Kathy Stockton, founder of Fairlead Strategies LLC. “We ultimately expect Bitcoin to make lower lows, increasing the risk of long-term support around $13,900.”

Cryptocurrencies have had a rough 2022 after reaching record highs late last year, which has been hit by everything from the Fed’s policy tightening to the explosions of the Terra/Luna ecosystem, hedge funds Three Arrows Capital, and exchange FTX. They’ve been heavily correlated with US stocks for several years, and Fundstrat digital asset strategist Sean Farrell says that led to the crypto’s decline on Monday.

According to Bitfinex, traders may also need to watch for situations related to holiday season trading.

“As we approach the end of the year, many companies and traders are taking a break, but the slowdown in trading activity brings with it the risk of greater volatility given the decline in trading volume and liquidity,” Bitfinex analysts said in a report. “This is already evident in the lower timeframes, even if the higher timeframe price action appears to be in the $16,000 to $18,000 range.”

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