BitcoinShort
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
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.