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.

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.