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Wednesday, August 10, 2022

Bitcoin Price Has Declined With Stock Market

Most of the Bitcoin bulls could not find any reprieve as the Wall Street open led to a resistance price of $40,000 for the cryptocurrency. According to data received from TradingView and Cointelegraph Markets Pro, it was revealed the lows of March of $40,551 for BTC/USD on Bitstamp, which further got hit with two-day losses to 10.2%.

Fears over the nuclear infrastructure of Ukraine did not just drive crypto up the walls– but other traditional markets went down as well. This was then led by S&P 500 following European indexes declining to a position of 1.4%. 

Bitcoin Price Could Decline Further If The War Climate Doesn’t Change

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Michael van de Poppe, a contributor of Cointelegraph, recently explained that Bitcoin was absolutely correct with its doubts as tensions around Ukraine kept increasing, with fears converging upon Gold as it kept rushing forwards too. He further explained that the cryptocurrency could be seeing a bounce. And if that actually turned out to be the case, one could ideally be looking at a sum of $43.1k to $43.5k as a potential resistance point. 

Pentoshi, on the other hand, decided to warn the public that the macro outlook looked pretty bleak considering the combination of commodity inflation, a reduced ability of central banks to further tame it, and the existing damage that was caused due to the responses to the coronavirus over the last couple of years, and how the Bitcoin price was mixed with it at a molecular level. 

Now, most traders aren’t exactly bearish when it comes to Bitcoin. After analyzing most of the recent chart movements, BTCfuel already looked towards a potential rebound in the making. He stated that the cryptocurrency looked like it was up and about for a reversal structure.

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