Bitcoin underwent some volatile days over the past week, facing its first geopolitical severe conflict throughout its relatively short lifetime.
The macro fear has yet to cool down, but judging by the last few days, bitcoin surprised the investor with a huge bounce back from $34K. This buying pressure was from FTX and Bitfinex exchanges and pushed the price to $40K, in correlation with Wall Street’s Thursday reversal (Nasdaq saw a 7% intraday surge).
The uncertainty and fear in the market on one side and the positive momentum in the price action on the other side are constructing a trading range between $34K and $40K.
Mid and Long-Term
Bitcoin is now facing a new ‘challenge’ in its short life: A geopolitical crisis. The Russian – Ukraine conflict has triggered tremendous fear in all markets; therefore, the risk assets started to drop massively on Thursday’s morning EU timezone.
The price even broke below the $36K level for a couple of hours, yet bitcoin surprised its investors again. It seemed like the big players created a…