Bitcoin, a slave to the macro picture.
Bitcoin has been recently reacting along the macro, risk-off picture painted on traditional markets. Very similar movements are seen on the SP500 due to escalating fear of heavy tightening from the FED and the possibility of conflict in Ukraine. Bitcoin is currently deeply in oversold levels (along with American stocks) and is reacting accordingly with a bounce. However you need to remain careful and again, look at the macro picture. There's currently a movement back into cash, particularly into safe haven FIAT currencies (USD, JPY, CHF). 2022 is very different from the extremely Dovish stance of the FED and all the other central banks seen in 2020/2021, it remains to be seen if Bitcoin can stop following macro trends or be considered a risk-off asset (we're probably far from it).
Another risk particular to Bitcoin is the Russian central bank recommendation to ban it. It could be to avoid flight of capital during a heavy conflict.
Another risk particular to Bitcoin is the Russian central bank recommendation to ban it. It could be to avoid flight of capital during a heavy conflict.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.