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Depreciation is related Bitcoin (BTC) Today is a huge success in oil prices, which It crossed the $110 level on a barrel amid the growing tensions in the Middle East.
The first digital currency fell slightly to $66,010 on Monday, recording a 10% decline from its peak of $73,670 on March 5.
These electrical shocks have caused catastrophic events around the world. And it is The price of fuel is rising by 30% during the daytraders fear that a rebound in inflation will force the Federal Reserve to keep interest rates higher, draining money from speculative markets.
Bitcoin and stocks: oil prices tie them together
It strengthens the relationship between Bitcoin and stocks IntriguinglyThis made the stock vulnerable in the capital markets.
The oil boom caused an immediate collapse in Asia Japan’s Nikkei fell 7% South Korea’s Kospi index fell 6% on Monday. This change in risk aversion has already affected corporate governance; Where Bitcoin ETFs Appear Total outflow of $576.6 million At the end of last week, that increased the sales in the property price.
This large sell-off coincides with overall weakness in all asset classes. It’s stability The price of Bitcoin And the stock, bond market continues to show the continuing risks to the economy, showing that the path to less resistance is still not there yet.
If risk trading continues, Bitcoin’s high correlation indicates that it will be difficult to find a position to help isolate itself from the market.
Technical analysis of prices: parameters that change everything
He appears Art Bitcoin is testing important support levels after losing the barrier of $70,000, while its price is approaching around $66,000.
This pullback has brought Bitcoin back to levels seen before the recent rally.
If the sellers push the price below $62,300, the chart structure faces the risk of falling to the Fibonacci support levels at $56,800 or $52,300.
The downside is supported by the 50-day moving average near $77,200, which is currently acting as a resistance level.
However, the data on the chain provides a counter-argument; Bitcoin is closing in on the exchange, meaning that potential volatility could moderate further if long-term holders refuse to sell at these levels.
To disrupt the bearish structure, it takes… Consumers Restoring the level of $ 72,600, and any price below that keeps control in the hands of the bears.
Bitcoin Fears: High Oil Prices Push Fed to Stop
Fuel consumption is the biggest obstacle; Commodity prices rose 72% last month, raising concerns that input prices will push up inflation across industries.
Former President Donald Trump said the rise is “A very small price to pay“But for the markets, the cost is monetary. If energy prices enter the Consumer Price Index (CPI) range, the Fed may be forced to hold those prices for a longer period of time.
The risks of these policies pose the risk of instability. Traders looking for options expirations and extreme levels should expect continued volatility as market prices in the Fed’s hawkish approach.
Summary of key parameters
The objection is at $72,600. Cattle need to recover this level and move for 50 days to start again.
The main economic support remains crude oil at $110. The continued increase here creates more pressure on risk factors and inflation expectations.
Assistance is at $60,000 to $62,300. Losing this position opens the door to $52,000 as the next important position.
Discover the next cryptocurrency IPO opportunity
A note Bitcoin drops to $66,000 as financial crisis deepens following oil price hike appeared for the first time Cryptonews Arabic.
