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Bitcoin declines with US stocks as nuclear threat ripples through markets
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Bitcoin declines with US stocks as nuclear threat ripples through markets

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by Virtuse
6. March 2022
Bitcoin declines with US stocks as nuclear threat ripples through markets

Bitcoin (BTC) bulls saw no relief at the Wall Street open on March 4 as the $40,000 support appeared on the horizon.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader: Markets “shaky,” but BTC could bounce

Data from Cointelegraph Markets Pro and TradingView revealed new March lows of $40,551 for BTC/USD on Bitstamp, taking two-day losses to 10.2%.

Fears over the security of Ukraine’s nuclear infrastructure drove not just crypto but traditional markets lower on the day, with the S&P 500 following European indexes to decline by 1.4%.

“Bitcoin correcting as tensions around Ukraine are increasing, and fear is increasing too as Gold is rushing upwards,” Cointelegraph contributor Michaël van de Poppe explained in his latest Twitter update.

“Might be seeing a bounce, if we do, I’m looking at $43.1–43.5K as a potential resistance point. Overall shaky markets, altcoins dropping too.”

Looking ahead, meanwhile, a highly cautious Pentoshi warned that the macro outlook looked bleak thanks to a combination of commodity inflation, reduced ability of central banks to tame it, and the existing damage done by responses to the coronavirus over the past two years.

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