BTCUSD still heavily influenced by the geopolitical climate.
Bitcoin has recently seen a relief rally, along with other risk-on assets such as stocks. However, it is necessary to be extremely careful as it is possible that it was profit taking from traders who were short before the end of the week.
The situation remains extremely volatile and uncertain. Nevertheless, the technical support at 30K should be extremely hard to break as we are now past the panic of the initial invasion reaction. Bitcoin was overall very resilient compared to the COVID crash, which is a good thing, but it still follow risk-on assets movements overall.
In the long term, I'm still hopeful that Bitcoin will transition to a risk-off asset/currency like Gold or the Swiss Franc. The price of 1 bitcoin, in the hundreds of thousands of USD and a strong history of resisting well to a crisis like the one we're living through, should provide the confidence the world needs in the future.
The situation remains extremely volatile and uncertain. Nevertheless, the technical support at 30K should be extremely hard to break as we are now past the panic of the initial invasion reaction. Bitcoin was overall very resilient compared to the COVID crash, which is a good thing, but it still follow risk-on assets movements overall.
In the long term, I'm still hopeful that Bitcoin will transition to a risk-off asset/currency like Gold or the Swiss Franc. The price of 1 bitcoin, in the hundreds of thousands of USD and a strong history of resisting well to a crisis like the one we're living through, should provide the confidence the world needs in the future.
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