Bitcoin falls along with stocks as China's covid woes bolster risk aversion. reports godbole17
China's coronavirus woes couldn't have come at a worse time, as fears of rapid interest rate hikes by the Federal Reserve have already dented animal spirits in asset markets.
Indeed, sentiment appears quite bearish, with crypto Twitter worried about an impending flag breakdown on bitcoin's technical chart, a bearish pattern that wouldWhile extreme fear is often observed at market bottoms, it may be too early to catch the falling knife as long as the macro uncertainty persists.
On Friday, bitcoin fell below $40,000 as the tech-heavy Nasdaq index slipped over 2% on Fed rate hike fears. Bitcoin's daily chart shows the cryptocurrency's drop under $40,000 has exposed the trendline connecting Jan. 24 and Feb. 24 lows. As of writing, the trendline support stood at $37,420.
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