Bitcoin declines with US stocks as nuclear threat ripples through markets
Bitcoin (BTC) bulls saw no relief at the Wall Street open on March 4 as $40,000 support appeared on the horizon.
Data from Cointelegraph Markets Pro and TradingView revealed new March lows of $40,551 for BTC/USD on Bitstamp, taking two-day losses to 10.2%.
Fears over the security of Ukraine's nuclear infrastructure drove not just crypto but traditional markets lower on the day, with the S&P 500 following European indices to decline by 1.4%.
"Bitcoin correcting as tensions around Ukraine are increasing, and fear is increasing too as Gold is rushing upwards," Cointelegraph contributor Michaël van de Poppe explained in his latest Twitter update.
Looking ahead, meanwhile, a highly cautious Pentoshi warned that the macro outlook looked bleak thanks to a combination of commodity inflation, reduced ability of central banks to tame it, and the existing damage done by responses to the Coronavirus 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," he wrote in one of a series of tweets about the situation Thursday.
Oil remained a case in point this week, with WTI reaching its highest levels in the past decade and Brent hitting $112 a barrel. Russian oil conversely struggled to find buyers despite being offered at a steep discount.
When it came to Bitcoin, however, not everyone was bearish.
Related: Bitcoin mining difficulty drops for the first time this year
Analyzing recent chart movements, popular account BTCfuel spied a potential rebound already in the making.
"Bitcoin looks like it's setting up a reversal structure," he commented alongside a chart showing two potential trajectories
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