Bitcoin drops to 35k
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Investing.com – After rising to a peak above $39,000 yesterday afternoon, the price began a correction that accelerated sharply overnight Wednesday into Thursday.
The fall started around 3:50 a.m. on $37,000, and about fifteen minutes later it was posted on $35,420, down more than 9% since yesterday’s peak.
Regarding the reasons for the fall of Bitcoin, which is also visible on most other cryptocurrencies, it seems to be related to the crisis in Ukraine, although this file had little impact on the crypto yesterday.
Russian President Vladimir Putin has indeed announced a special military operation in the Donbas region of Ukraine:
“We have decided to launch a special military action aimed at demilitarizing and denazifying Ukraine,” Putin said, warning that “clashes between Russian and Ukrainian soldiers are inevitable…it’s only a matter of time.”
Further information then showed that, with explosions heard in the capital Kiev in particular.
Bitcoin is therefore naturally not the only asset affected, the Dollar, and the being on the rise in the face of this new escalation of tension, while equities are penalized.
From a graphical point of view, it should be noted that the recent fall of Bitcoin caused a breakout below the support zone of $36,300, and brought Bitcoin back to another support at $35,500. A steeper fall will put the January 24th low just below $33,000 in sight as a potential next target, ahead of the major psychological level of $30,000 and the July 20th, 2020 low at $29,340.
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