Yesterday after the stock markets were in solid green they all declined and dumped heavily most likely reacting to G7 capping Russia oil and Russias reaction combined with weekend uncertainty that will be longer this time since Monday NA stock market are closed. ( Labor Day )
On the chart BTC keeps rejecting the EMA 8
This weakness combined with ongoing bad news about the EU gas problems and the US inflation rate still being high is not the greatest time for Crypto to have a recovery.
recently Chairmen Powell sounded more hawkish indicating a potential another interest rate hike trying to cool down inflation.
Something I’ve mentioned before in this sub a couple weeks ago is also the more and more lowering Bitcoin dominance which is in my opinion huge news.
the last time it was at such Level was 2018 and the huge 2021 sell-off
Bitcoin also dropped below the 200 week moving average
I personally see this as good and bad signal. Bad news it really looks like Bitcoin is on a cliff right now testing new lows and might fall under 19k trying to find support anytime soon.
On the bright side I think what we’ve witnessed the last months is really good for bitcoin. Crypto keeps surprising me how it’s doing during these bad global economic times. If you would’ve told me 1 year ago that we will have this situation I wouldn’t be sure if I could even expect Bitcoin to stay above 10k.
Yet it seems to have strong support and is treated like a solid tech asset similar to those listed in the NASDAQ.
What are your thoughts ?
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