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BTC slips below $40k as risk assets are hammered by geopolitical turmoil

Our weekly forecast materialized. Bitcoin did not live up to investor expectations and slid below $38k. Many market participants assumed that the crypto industry benchmark could turn into a defensive asset amid mayhem triggered by escalation of the conflict in Eastern Ukraine, as well as an imminent Fed rate hike. A complete decoupling from gold reinforces the loss of BTC’s status as a safe haven asset.

Technical analysis

On February 21, Bitcoin hovered in the range of $38,500-38k, coming under heavy pressure. Market participants continue to bail out of risk-sensitive assets. The downward trend is consolidating, and this trend will most likely gain momentum, as there are no positive fundamentals, but plenty of negativity.

The nearest bearish target is $37k. If this level is breached, sluggish triggering of stop orders could follow, after which we could see a sharp decline to $36k-35k.

Industry data and news

The total capitalization of the crypto currency market fell below $1.8 bln.

Digital asset advocates and American football fans have teamed up to form a new decentralized autonomous organization (DAO) to raise $4 bln to buy the NFL's Denver Broncos.

 Intel gave a presentation about a Bitcoin mining ASIC and a device based on it at ISSCC (the International Solid-State Circuits Conference).

 

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