Bitcoin Heading to $38,000 Amid Global Uncertainty


Since the cryptocurrency space is such a terrifying place, it’s no surprise that patience is rare. Just two weeks ago, Bitcoin was up 15%+ to nearly $42,000 just for traders, and retail investors alike are getting frustrated with how range-bound this world’s major digital currency has been in recent days, with not much movement up or down since then. apart from some minor fluctuations here and there.

“Do something!” the crowd screamed in unison as they watched their investments plummet to $43,000. But be careful what you wish for, because yesterday’s last pullback has set Bitcoin on the reverse track† The cryptocurrency could test resistance near $38,000, potentially causing ripple effects in all other markets.

Related literature | Bitcoin Data Shows Long-Term Holders Gains Behind Drop to $40k

Markets are closely monitoring the ongoing situation in Eastern Europe, with Russia playing goosebumps on their borders. This is leading investors and traders alike to panic as they await further developments on how this will resolve itself; however, it is not just Bitcoin that is affected as well. The S&P 500 closed 2% lower yesterday on fears that war would become increasingly likely there too. All because one man won’t shy away from what he thinks his country needs – even if it means putting everything else on the line.

Russia Is Main Factor Behind Bitcoin Trend

With the potential for World War III and potential rate hikes, it’s the final step on an already dying party. The Federal Reserve has been incredibly generous with their entertainment budget in recent years as they endure economic hardships not seen since 1982.

Fear grips crypto markets as investors watch their investments flee degenerate fiat currencies. However, with Fed Chair Jerome Powell signaling an aggressive turn toward inflation. Bitcoin’s main stories are being undone and it is no longer a refuge from which to escape this ever degrading world of currency.

Bitcoin dropped to $39,474, breaking the $40,000 support | Source: BTC/USD chart on Tradingview.com

If everyone is panicking, now is an excellent time to buy. A famous quote from Warren Buffet reads, “Be greedy when others are greedy and be greedy when others are afraid” – well, that seems quite appropriate right now as Bitcoin approaches $38,000. However, that $43,000 high resistance seems like such an impossible task right now.

Related literature | Crypto Bulls Struggle to Defend Bitcoin’s $40,000 Level

Russia is a very unpredictable factor when it comes to Bitcoin. If Russian President Putin says something, the price of bitcoin could quickly fall or rise by several thousand dollars within minutes of his statement. The country’s leader has been making headlines for years. And will continue to do so as long as there are new updates on what he might say next regarding international issues. Such as alliances with leaders of other countries.

Featured image from Pixabay and chart from Tradingview.com

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