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Bitcoin now trades at a new March low of $40,551 for BTC/USD, taking two-day losses to 10.2%. Fears over the security of Ukraine’s nuclear infrastructure drove not just crypto but traditional markets lower on the day, with the S&P 500 following European indexes to decline by 1.4%.
Bitcoin correcting as tensions around Ukraine are increasing, and fear is increasing too as Gold is rushing upwards.
The $43.100–43.500 level is looked upon as a potential resistance point. Looking ahead, the market witnesses high caution warned that the macro outlook looked bleak because of a combination of commodity inflation, reduced ability of central banks to contain it, and the existing damage done by responses to the coronavirus over the past two years.
Other markets are starting to show massive cracks in the foundation, Hong Kong has erased 100% of the post covid gains, and it appears European markets are next.
Oil remained a case in point this week, with WTI reaching its highest levels in the past decade and Brent hitting $112 a barrel. Russian oil conversely struggled to find buyers despite being offered at a steep discount.
When it came to Bitcoin, however, not everyone was bearish. Related: Bitcoin mining difficulty drops for the first time this year. Bitcoin looks like it is setting up a reversal structure.
Consolidating in the 40.500- 4200 range above support as expected, yet economist expect a bounce from this range.
