Following a soft week on Wall Street, Bitcoin as well as other cryptocurrencies have also come under pressure. Get your market update from JMcQueenFX here:
, Bitcoin as well as other cryptocurrencies have also come under pressure. A reminder that Bitcoin is a risk-on asset or in other words a liquidity haven, the pre-Covid view that Bitcoin was a safe-haven had been well and truly debunked when Bitcoin had cratered during the Q1 2020 sell-off. Thanks to the global central bank and government largess, the crypto space has been among the top performers of the “buy everything rally”.
Taking a look at the chart, the major focus for Bitcoin is on the psychological 40k handle. While holding off for a break below over the weekend, having hit a low of 40.5k, with equities beginning to come under pressure, we can expect another test of 40k. That being said, for those who remain a Bitcoin bull, it would be preferable for a false break below 40k, much like what we have seen previously at psychological levels.
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