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By: Marcus Sotiriou, Analyst, UK Digital Asset Broker Global block
Bitcoin is largely immune to S&P 500 It fell 2.44% yesterday. This shows that Bitcoin has remarkable resilience.
On-Chain Analyst Willy Woo Noting that “prices related to on-chain demand from both speculative and HODL class investors are now at peak oversold levels.” He said, “The last time this happened was in October 2020. The time before that was COVID The bottom of the crash. It also happened in January 2015 (the bottom of the 2014 bear market capitulation). The previous time was February 2012 (the start of the 2012-2013 bull market).”
The data suggests that there may be at least some short-term relief in the market.
In addition, US employment data for January will be released today. If it fails to impress, it should help Bitcoin push higher to test the $40,000 level as it would signal to the Fed that less inflation needs to be acted upon.
Bitcoin is currently facing stiff resistance, albeit around $38,000, as it tests the trendline from its all-time high for the fifth time.
I think employment may be weaker than expected due to the Omicron variant in January, thus likely leading to a general market relief this month. But, I think if that does happen, I hope it just bridges the cracks because at the moment the supply chain issues are still there.
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