CRYPTO CRIPPLED?
Updated
Bitcoin bounces off $25246.29 which is the new resistance. Btc is down -60.74% since march 21th & I currently see it dropping another 100% in the coming months the way the chart is structured currently.
Rising US yields are applying a visible downside pressure on the pricing of cryptocurrencies. The latter hints that this alternative asset class may not be immune to the rising interest rates and a tighter monetary policy environment globally. We could see the downside pressure building stronger in the medium run, and cause a bit more bleeding as the Fed walks towards concrete tightening.
There is also the fact that higher energy prices make crypto mining more expensive. So that’s also a fundamental reason that prevents Bitcoin from being a safe haven asset in the actual environment.
Rising US yields are applying a visible downside pressure on the pricing of cryptocurrencies. The latter hints that this alternative asset class may not be immune to the rising interest rates and a tighter monetary policy environment globally. We could see the downside pressure building stronger in the medium run, and cause a bit more bleeding as the Fed walks towards concrete tightening.
There is also the fact that higher energy prices make crypto mining more expensive. So that’s also a fundamental reason that prevents Bitcoin from being a safe haven asset in the actual environment.
Trade active
bear flag broken, prices continuously edges down, currently at 16202.00 from 19000.Trade closed: stop reached
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