Bitcoin (BTC) and the Broader Market Tumble as Russia Talks Nuclear

Key Insights: 

Bitcoin (BTC) saw red for a 2nd consecutive day on Sunday

News of Russia putting nuclear forces on “special alert” and the EU’s response weighed

Technical indicators are flashing red this morning

It was a bearish end to the week for Bitcoin (BTC). A bullish start to Sunday saw Bitcoin test resistance at $40,000 before hitting reverse. The reversal saw Bitcoin slide from a day high of $39,862 to a late intraday low of $37,040 before finding support.

Following a 0.27% decline on Saturday, Bitcoin fell by 3.66% to end the week down by 1.80% to $37,704.

Bitcoin (BTC) and the Broader Market Tumble as Russia Talks Nuclear

It was also a bearish session for the rest of the crypto top 10.

AVAX tumbled by 8.08% to lead the way down, with LUNA sliding by 7.31%.

ADA (-3.49%), BNB (-3.64%), ETH (-5.85%), SOL (-5.13%) and XRP (-3.93%) also struggled.

Bitcoin Fear & Greed Index Continues Upswing

Market angst stemming from news updates on Russia led to a slide in the index from 26/100 to 20/100 this morning. The tumble led the index back into the “Extreme Fear” zone.

For the Bitcoin bulls, the index will need to move back through to 50/100 to bring $50,000 levels back into play for Bitcoin. A fall to sub-20/100 would deliver sub-$30,000 levels.

Location: United Kingdom

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more