Both technical and fundamental issues brought Bitcoin lower today, but the fundamentals really caused damage to pricing.
Bitcoin did not move higher on news that the Ukrainian parliament passed a law under the growing tensions, making Bitcoin legal tender. Bitcoin did react strongly to the dramatic decline in U.S. equities, losing around $3,500 in value today.
As of 5:30 EST, spot Bitcoin is trading at approximately $40,500. This after hitting support at $40,000 and moving slightly higher off of those lows. BTC futures are trading off by 7.78% at $40,740. The S&P lost 2.12%, and the Nasdaq composite lost 2.88% in trading today.
The loss in the major Indices diffidently seemed to be the fundamental reason why Bitcoin experienced a sell-off today. Technically the failure to trade above $44,275 on a closing basis was the bearish force that took pricing lower today.
Joseph m. Wagner II has been studying technical analysis for eight years. He is a producer and video editor at thegoldforecast.com. His primary focus has recently been bitcoin and cryptocurrencies. He writes a daily blog for the gold forecast titled “Bbitcoin Fundamentals.”
