The fall of the cryptocurrency market continues amid growing geopolitical risks. Today, the Bitcoin exchange rate fell below $37000. Over the week, the capitalization of Bitcoin has fallen by more than 15% to $696 billion.
With the fall in the price of Bitcoin and other cryptocurrencies, pessimism among investors is growing. However, unlike the fear of a pandemic, today’s fear is much deeper. Retail and institutional investors can’t predict even a rough market trajectory in the coming days. According to the data, today 275K addresses were active. This is significantly less than when the market was at its maximum, indicating a decline in demand from new customers.
At the same time, the attractiveness of the US dollar and US securities is growing in the face of global uncertainty. Oil and gold are also rising in price. The price of gold exceeded $1912.
As the RSI indicator shows, the price of Bitcoin is heading towards the oversold zone. However, technical analysis is currently unable to predict the future behavior of Bitcoin. Its movement will depend on global factors to a greater extent.
Despite the decline, Bitcoin is making attempts to recover. The BTC/USD pair hit a low of around 36368 and started to recover. At the time of publication, the BTC/USD pair is trading around 37600. However, today the pair may face resistance in the area of 37800. On the way to recovery, the pair is waiting for many levels of resistance. The next resistance lies in the area of 38200. A move above this level will allow the pair to rise to the area of 39500.
If the conflict continues to escalate, we will see a decline in the BTC/USD pair to the level of 35000.