Bitcoin vs Russia
Plus, February Price Action
NOTE: This post was first featured on my weekly email about bitcoin — The Bitcoin Binge Letter. Read the original here.
Bitcoin made up for its 20% drawdown in January. The world’s top cryptocurrency has rallied so far in February and is once again testing $42,000. Last week, I was watching $38,000–43,000.
We’re still there this week, and it’s going to get even more interesting as traditional markets sort through a potential Russian invasion in Ukraine on top of ongoing inflation fears.
On the bright side, $30,000 is yet to be truly tested in 2022. I see $30k as long term support. Bitcoin has traded above that level for 13 months and counting. Look for increased volatility in the weeks ahead in both crypto and traditional markets, especially if there is some kind of military invasion by Russian. $42,000 remains the price level to watch. A sustained move to mid $40,000s opens up a shot at $50,000, but I’m not counting on anything like that until late Q1.
Bitcoin Dominance Tops 40%
In times of crypto market instability, investors retreat to bitcoin. We could see such activity occurring in the coming weeks if market volatility ramps up. Bitcoin’s share of the entire cryptocurrency market is dropping over time as more altcoins…
