Price action on Monday supported those that view Bitcoin (BTC) as an alternative to gold as a safe-haven.
The Global Equity Markets
It was a day in the deep red for the global equity markets on Monday. Market concerns over the rising number of new Omicron cases and government measures to contain the spread weighed on riskier assets.
With containment measures being reintroduced, there are also concerns of more supply chain bottlenecks. This is then expected to lead to another spike in inflation, which would weigh on consumption and economic growth.
Bitcoin Price Forecast
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See all Bitcoin forecastsBitcoin (BTC) Price Action
Bitcoin, BTC to USD, rose by 0.43% on Monday to end the day at $46,901. Key on the day was a recovery from a day low of $45,600 to strike a day high of $47,541 before easing back.
Bitcoin has continued to find plenty of support at $45,000 while facing stern resistance at $48,500 levels of late.
In the coming days, there will be a greater indication of whether Bitcoin (BTC) can further decouple from the U.S equity markets.
A continued spread of the Omicron strain and measures to contain the virus remain downside risks for the global equity markets. For Bitcoin, further evidence of support amidst market stress environments would be a boost. A return to $50,000 levels will be key near-term for Bitcoin to avoid a fall back to sub-$40,000 levels, however.
Key Support and Resistance Levels
For the ahead, the first major resistance level sits at $47,760. A breakout from Monday’s high $47,541 would support a run at the second major resistance level at $48,622. Breaking down resistance at $48,500 will be a test, however.
At the time of writing, Bitcoin (BTC) was up by 0.34% to $47,059.
U.S Futures
Looking at the U.S futures, the Dow Mini was up by 132 points at the time of writing. The upside is modest, however, compared to Monday’s 433-point slide.
