Bitcoin falls with US stocks as the nuclear threat ripples through the markets. BTC/USD has lost more than 10% in two days, accelerating on concerns over Ukraine developments. The top ten coins SOL, SHIB, and ETH also seem to accompany Bitcoin (BTC)’s decline. Details are on Kriptokoni.com.
Trader: Markets are “fragile” but Bitcoin can bounce
Data reveals March lows of $39384 for BTC/USD on Bitstamp with 10% of two-day losses already passed. Fears over the safety of Ukraine’s nuclear infrastructure dragged not only cryptocurrency but traditional markets down on the day as the S&P 500, which tracks European indices, dropped 1.4%. Popular analyst Michaël van de Poppe said: “As tensions rise around Ukraine, Bitcoin is correcting and fear is mounting as gold rises rapidly.”
Analyst for BTC: “We could see a bounce, if we do, I’m looking at $43.1-43.5K as a potential resistance point. Generally shaky markets, altcoins are also falling.” Looking ahead, meanwhile, the macro outlook looks bleak thanks to a combination of commodity inflation, the diminished ability of central banks to tame it, and the current damage done by responses to the coronavirus over the past two years, said a highly cautious Pentoshi.
Fundamentals of other markets are also cracked
“You can see that the fundamentals of other markets are starting to show big cracks already, Hong Kong has wiped out 100% of post-covid gains and it seems European markets are next,” the analyst said. Wrote. Oil continued to be a prime example this week, with WTI hitting ten-year highs and Brent hitting $112 a barrel. Russian oil, on the other hand, had difficulty in finding buyers, despite being offered at a very high discount.
A general price consolidation in the markets was “expected.” But not everyone was bearish when it came to Bitcoin. Analyzing recent chart movements, popular account BTCfuel observed a potential rebound that is already under construction. “Bitcoin appears to be establishing a reversal structure,” he commented, alongside a chart showing two potential trajectories for BTC price action. Other Twitter account Kaleo said, “As expected, consolidation of support in the 40.5K – 42K range. I am still waiting for a bounce from this range,” he wrote.
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