Bitcoin Continues To Slide As Macroeconomic And Geopolitical Anxiety Persist

Christian Encila

3 years ago

2 mins read

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Bitcoin sank to an intraday low of $39,714.69 on Friday, following a late surge above Wednesday’s critical resistance level of $41,500. BTC was down as traders braced themselves for the lengthy Easter weekend.

Bitcoin – the world’s most sought-after digital asset – has fallen about $10,000 from a two-week high of $48,220, its highest level in over four months.

However, following weeks of retreats, it looks as though market analysts have identified a stable floor at $39,300, with bulls now attempting to drive prices higher once more.

Bitcoin Feeling The Pressure

Concerns about macroeconomic and geopolitical concerns have lingered, keeping some investors away.

Russian President Vladimir Putin stated during a news conference on Thursday that peace talks with Ukraine have reached a stalemate.

Putin further vowed that Russia’s “military operation” will continue indefinitely.

On a technical level, Bitcoin’s 200-day moving average significantly stymied the recent bull run, resulting in a large price fall.

Bears currently control the market, and the price is rapidly declining, resulting in a break below the 50-day and 100-day moving averages.

The $37K and $34K demand zones represent the next levels of Bitcoin support. If the price holds the short-term significant support level around $37K, it may resume its climb toward the significant resistance level at $45K.

BTC total market cap at $752.41 billion on the daily chart | Source: TradingView.com

BTC Could Touch $33K

If this level is not maintained, Bitcoin’s next stop could be the $33K important demand zone.

Bitcoin has lost more than 15% in the last week, prompting one indicator to declare that the market has entered a time of “severe anxiety.”

The price decline occurs in the context of a broader downturn in global financial markets, prompted by geopolitical crises and uncertainty over the prospect of the US Federal Reserve tightening monetary policy.

Future Still Looks Bright

Despite the current dismal performance of Bitcoin, a prominent trader believes that the cryptocurrency’s price might potentially double in the next two years.

Peter Brandt made a prediction in response to a tweet from Tuur Demeester, a long-time Bitcoin supporter.

According to the latter, following extended periods of consolidation, Bitcoin tends to erupt “like nothing else on this earth.”

According to Brandt’s forecasts, Bitcoin may either double in value in two years or continue its streak of sideways trading for an extended length of time.

A seasoned trader previously predicted that Bitcoin’s next “rocket stage” will begin in 2024, based on how prior market cycles have unfolded.

Featured image from DataDriveInvestor, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.