BTC Declines Along US Stocks As Nuclear Threat Sweeps The Market

BTC declines along with US Stocks after the nuclear threat that swept the markets and BTC/USD lost over 10% in two days so let’s take a closer look at today’s Bitcoin news today.

Bitcoin bulls saw no relief with the Wall Street Opening in as the $40,000 support appeared on the horizon with the data from Tradignview showed new March lows of $40,551 for the pair on Bitstamp that took two-day losses to 10.2%. The fears over the security of Ukraine’s nuclear infrastructure enhanced both the crypto and the traditional markets lower on the day with the S&P 500 after the EU Indexes to drop by 1.4%. Michael Van De Poppe explained how BTC declines along with the US Stocks:

“Bitcoin correcting as tensions around Ukraine are increasing, and fear is increasing too as Gold is rushing upwards. 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.”

#Bitcoin looks like it's setting up a reversal structure 🔥🔥

After running into the 100D MA (red) there are 2 scenarios possible IMO. Staying between the MA's and following the blue scenario or falling below the MA's and following the orange scenario pic.twitter.com/f4XvqZWVA4

— BTCfuel (@BTCfuel) March 4, 2022

In the meantime, analyst Pentoshi warned that the macro outlook looked bleak thanks to the combination of commodity inflation and reduced ability of the central banks to tame it and the existing damage done by responses to the COVID pandemic over the past two years:

“You can already see other markets starting to show massive cracks in the foundation, Hong Kong has erased 100% of the post covid gains, and it appears European markets are next.  I’m not sure how anyone can look at the past, and be bullish on the present.”

Oil remained a case in point this week with WTI reaching the highest levels in the past 10 years and Brent hitting $112 a barrel. The Russian soul conversely struggled to find some new buyers despite being offered a steep discount but when it came to BTC not everyone was bearish. According to the charts, the popular account BTCfuel spied a rebound in the making and the analyst commented:

“Bitcoin looks like it’s setting up a reversal structure. Consolidating in the 40.5K – 42K range above support as expected. Still expecting a bounce from this range.”

As earlier reported, BTC continued to lose value over the past 24 hours and dipped towards a five-day low of under $41,000 with the altcoins being in the red once again with some bigger price losses from ETH and Solana while ATOM is the only one in the green again. Bitcoin initiated the biggest daily candle in over a year by surging about $6000 and hitting $45,000 after the US and other Western nations said they will not get involved in the war in Ukraine.