Nasdaq Losing Ground - Are Bitcoin Bears Right?
The Nasdaq index slipped more than 1% on Monday as the tech sector comes under pressure. The Nasdaq Index last week posted its biggest one-week percentage decline since February. A few factors contributed to this, one of the biggest is the strong probability of one or more Fed rate hikes this year – making investors move to more economically sensitive markets. The 10-year Treasury notes yield closing level was the highest since January 2020. The yield rose to 1.771% Monday from 1.769% Friday. Investors awaited inflation data and the start of earnings season which would be the next test for the stock markets.
2nd Resistance 16200
1st Resistance 15895
1st Support 15000
2nd Support 14592
BTC today reached the crucial support level of 39,550 and it bounced up more than $2,000. Yesterday BTC even breached the vital level of $40,000, even as all data points towards a general cool off cryptos. This pullback can be seen beyond BTC and has affected not only two of Bitcoin’s ‘challengers’; Ethereum and Tether but the cryptocurrency market in general. Most analyses show a bear trend, at least in the short term.
Resistance1: 45,100
Resistance2: 48,400
A reading lower than 39,550 could drop the price of BTC to
Support1: 37,200
Support2: 28,000
(Fundamental Analysis)
Overall, fundamental forecast may be bearish.
•Kazakhstan government shut down the internet access in order to stop Bitcoin mining.
•potential rate hike in the near FED rate decision meeting, put a lot of more pressure on risk assets such as cryptocurrencies and tech (as we’ve seen the Nasdaq drop as well).
2nd Resistance 16200
1st Resistance 15895
1st Support 15000
2nd Support 14592
BTC today reached the crucial support level of 39,550 and it bounced up more than $2,000. Yesterday BTC even breached the vital level of $40,000, even as all data points towards a general cool off cryptos. This pullback can be seen beyond BTC and has affected not only two of Bitcoin’s ‘challengers’; Ethereum and Tether but the cryptocurrency market in general. Most analyses show a bear trend, at least in the short term.
Resistance1: 45,100
Resistance2: 48,400
A reading lower than 39,550 could drop the price of BTC to
Support1: 37,200
Support2: 28,000
(Fundamental Analysis)
Overall, fundamental forecast may be bearish.
•Kazakhstan government shut down the internet access in order to stop Bitcoin mining.
•potential rate hike in the near FED rate decision meeting, put a lot of more pressure on risk assets such as cryptocurrencies and tech (as we’ve seen the Nasdaq drop as well).
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