BTC/USD loses over 10% in two days, hastened by concerns over Ukraine developments.
Bitcoin (BTC) bulls saw no relief at the Wall Street open on March 4 as the $40,000 support appeared on the horizon.
Trader: Markets “shaky,” however BTC might bounce
Data from Cointelegraph Markets professional and Trading View unconcealed new March lows of $40,551 for BTC/USD on Bit stamp, taking two-day losses to 10.2%.
Fears over the safety of Ukraine’s nuclear infrastructure drove not simply crypto however 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,” Cointelegraph contributor Michael van de Poppe explained in his latest Twitter update.
“Might be seeing a bounce, if we do, I’m watching $43.1–43.5K as
a potential resistance purpose. Overall shaky markets, altcoins dropping too.”
Looking ahead, meanwhile, a extremely cautious Pentoshi warned that the macro outlook looked bleak thanks to a mixture of commodity inflation, reduced ability of central banks to tame it, and therefore the existing damage done by responses to the coronavirus over the past two years.
“You can already see alternative markets getting down to show huge cracks within the foundation, Hong Kong has erased 100% of the post covid gains, and it seems European markets are next,” he wrote in one amongst a series of tweets about the situation Thursday."
“I’m unsure however anyone can look at the past, and be optimistic on this.”
Oil remained a case in point this week, with WTI reaching its highest levels within the past decade and brent hitting $112 a barrel. Russian oil conversely struggled to seek out consumers despite being offered at a steep discount.
Price consolidation was “expected”
When it came to Bitcoin, however, not everybody was pessimistic.
Analyzing recent chart movements, popular account BTC fuel spied a potential rebound already within the creating.
“Bitcoin feels like it’s putting in a reversal structure,” he commented alongside a chart showing two potential trajectories for BTC value action.
Others, together with fellow Twitter account Kaleo, were equally unfazed.
“Consolidating within the 40.5K - 42K range on top of support for sure. Still expecting a bounce from this range,” he wrote Friday.
( WILLIAM SUBERG, COINTELEGRAPH, 2022)