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Wednesday, September 28, 2022

Bitcoin Bulls Are Scrambling To Defend A Price Of $40,000

The price of Bitcoin and other altcoins have been on a constant freefall according to the report on the 17th of February. The price fall has increased after the scenario in Ukraine turned drastic and Russia went on to expel Bart Gorman from the country after the POTUS reiterated that the threat of an invasion of Ukraine by Russia was very high.

According to data received by TradingView and Cointelegraph Markets Pro, it has been understood that the resurgence in sell-side pressure dropped the price of the cryptocurrency to a daily low at $40,081 as market bulls regroup and attempt to prevent the price from sliding below $40,000.

Bitcoin Has Been In a Strangle Hold Between Ukraine and Russia

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The effect of the situation in Ukraine on Bitcoin and other cryptocurrencies has been touched upon by David Lifchitz, the chief investment officer and managing partner at ExoAlpha, who further noted that the situation is definitely putting a burden on risk assets which have been going down constantly. 

While the saga in Ukraine has been the centerfold of most news headlines and creating widespread weakness in cryptocurrency global markets like Bitcoin and other altcoins, Lifchitz has mentioned that the situation does look like quite a big distraction from the real inflation issue that has been prevailing in the United States. According to him, the current kerfuffle might just last for a few months while the issue of inflation could be present for a few consecutive years. 

Now, despite the recent weakness that Bitcoin has been showing, IncomeSharks- a Twitter analyst- has offered a few words of comfort regarding the cryptocurrency. As of now, the dominance rate of BTC is 41.7%.

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