When it comes to Bitcoin, there have been too many surprises and shocks for the investors and traders over the time it has existed. Quite recently, we have been seeing that Bitcoin has been going through some major price fluctuations as well.
While during some periods of time, Bitcoin is actually on the stage of growth, there are other times when the prices of Bitcoin tend to fall a bit lower. This can create a lot of upheaval in the community of Bitcoin for sure.
In the case of Bitcoin prices, analysts all over the world have managed to make a few speculations on what to expect. The current price of Bitcoin is definitely on the low side over the past 2 weeks and that is definitely one of the main reasons why the sentiments of the people are much lower. According to the experts, if the Bitcoin Prices keep on going this way, there might be some reason to worry.
Most people are on the best cryptocurrency tracking website in order to have some information about the fate of Bitcoin. There are some macro triggers that are actually held responsible for the dive in the prices that have managed to rattle the volume of the weekend markets in the case of Bitcoin.
BTC Trader Claims that There is Nothing Really To Get Excited About Bitcoin
According to the data that has been collected from TradingView and Cointelegraph Markets Pro shows that BTC/USD was losing ground this Sunday. This event followed the threats of fresh sanctions on Russia over its alleged plans to invade neighboring Ukraine.
After a quiet Saturday, crypto began to move downhill after comments from United Kingdom Prime Minister Boris Johnson on financial blocks of Russian firms should the situation escalate.
These would be prohibited from “trading in pounds and dollars,” the BBC reported Johnson as saying Sunday morning, alluding to support from United States President Joe Biden. With crypto, the only markets constantly open, the reaction to geopolitical fears in the region could foreshadow a greater knock-on effect next week as traditional markets open. Monday is a holiday on Wall Street.
Commenting on the situation, Mike McGlone, chief commodity strategist at Bloomberg Intelligence, additionally drew attention to the ongoing issue of inflation and its relationship to risk asset performance.
In line with previous comments, however, he suggested that ultimately, Bitcoin could profit from the sea of change in U.S. economic policy this year.
“Bitcoin indicating a rough week ahead – Inflation Unlikely to Drop Unless Risk Assets Do: Most assets are subject to the ebbing tide in 2022, on the inevitable reversion of the greatest inflation measures in four decades, but this year may mark another milestone for Bitcoin,” he made an argument.
Among Bitcoin traders, short timeframes were now equally lackluster, with the loss of $40,000 weighing on sentiment. BTC/USD saw lows of $37,974 on Bitstamp Sunday before rebounding to hold above the $38,000 mark.
Rise of Extreme Fear for the Fate of Bitcoin
Others in the meantime are continuing their focus on the significance related to the price history of Bitcoin of about $40,000. Since first cracking it in 2021, the level has acted as a springboard for bulls, and for popular Twitter account Mayne, a recapture should indeed be their first move in order to secure upside.
“Over the last year, $40k has been a very critical level for BTC. Each time price broke below and then reclaimed it we’ve seen a large rally to the upside. Probably a good area to watch right now,” there was this comment on Sunday.
However, in that time period, it appeared effectively that such fresh losses were actually expected by the people. The Fear & Greed Index of Crypto was back again into the territory of ‘fear’ on that particular day since the drop has been 50% of the last 4 days. It is expected to reach the territory of ‘extreme fear’.
