If Bitcoin's February 20th, 2022 close is below 39.2k:
(i) Biden Executive Order on Crypto
(ii) rate hike 1 at 50 bps
(iii) GDP Growth for Q1 at less than 1%, DXY drops 6% to $90
Macro environment is still looking like complete trash, but that's Bitcoin's only concern.
Mainstream adoption is already happening in crypto and overall sentiment in the space couldn't be more bullish.
However, given the Russia-Ukraine tensions, imminent rate hikes and a very slow GDP growth for Q1 2022: ***risky*** tech assets will continue to be in trouble.
A close above 39.2k and a short-term bull case may resume. Below 39.2k confirms bull trap for now.
(i) Biden Executive Order on Crypto
(ii) rate hike 1 at 50 bps
(iii) GDP Growth for Q1 at less than 1%, DXY drops 6% to $90
Macro environment is still looking like complete trash, but that's Bitcoin's only concern.
Mainstream adoption is already happening in crypto and overall sentiment in the space couldn't be more bullish.
However, given the Russia-Ukraine tensions, imminent rate hikes and a very slow GDP growth for Q1 2022: ***risky*** tech assets will continue to be in trouble.
A close above 39.2k and a short-term bull case may resume. Below 39.2k confirms bull trap for now.