{"id":19915,"date":"2022-03-03T18:07:50","date_gmt":"2022-03-03T17:07:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=19915"},"modified":"2022-03-03T18:07:58","modified_gmt":"2022-03-03T17:07:58","slug":"bitcoin-is-heading-for-42k-as-stock-market","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-is-heading-for-42k-as-stock-market\/","title":{"rendered":"Bitcoin is heading for $42K support as stock market volatility pushes the price of the cryptocurrency lower"},"content":{"rendered":"\n
Bitcoin's link to U.S. stock indexes has been highlighted by turbulent macro developments, with BTC\/USD<\/a> reaching its lowest levels for March so far. <\/h5>\n\n\n\n

With U.S. equities going down, Bitcoin (BTC) broke past $43,000 after the March 3 Wall Street open. <\/p>\n\n\n\n

On the open, stocks and Bitcoin are both down.<\/p>\n\n\n\n

BTC\/USD maintained within a small intraday range on March 3 according to data from TradingView\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

Despite the fact that $43,000 had maintained as support overnight, traders were testing it as they looked for a potential bounce zone approximately $1,000 lower. <\/p>\n\n\n\n

\n

#BTC<\/use><\/svg><\/span><\/a>
take out the previous swing low, lining up nicely with the green box pic.twitter.com\/rplkQ0rhIS<\/use><\/svg><\/span><\/a><\/p>— Ed_NL (@Crypto_Ed_NL) March 2, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

“If our bottom is in, it would be wonderful to see something similar here if our corrective structure that preceded the 3rd impulse wave from 10K to 60K+ was a triangle,” famous Twitter account Credible Crypto stated<\/use><\/svg><\/span><\/a> on March 2, connecting current behavior to the bull run that began in September 2020. <\/p>\n\n\n\n

“Remember a longer base typically leads to a stronger impulse. Pullbacks on $BTC to 38K\u201342K are healthy.”<\/p><\/blockquote>\n\n\n\n

Others who earlier considered a little higher local peak may enter before the range-bound activity continues.<\/p>\n\n\n\n

BTC\/USD was about $42,500 at the time of writing, a low point for March.<\/p>\n\n\n\n

Stocks were volatile on the day, with the S&P 500 down 0.7 percent a day after the US Federal Reserve gave the clearest hints yet about a probable crucial rate hike.<\/p>\n\n\n\n

\"Bitcoin
S&P 500 1-hour candle chart. Source: TradingView<\/figcaption><\/figure>\n\n\n\n

As Russia and Ukraine convened to begin additional negotiations, geopolitical upheaval focused on Europe remained the dominant macro force in play.<\/p>\n\n\n\n

Is it true that the status of safe haven has returned?<\/h2>\n\n\n\n

As macro events unfolded, professional trading firm QCP Capital focused on Bitcoin's potential edge against the largest cryptocurrency, Ethereum (ETH)<\/a>. <\/p>\n\n\n\n

Bitcoin, the firm stated in a Telegram update to users on March 2, is reclaiming its safe-haven status, whereas altcoins cannot.”<\/p>\n\n\n\n

“The attention on BTC was mirrored in the vol markets as well, with BTC's 10d realized volatility being 4% higher than ETH's (99 percent vs 94.5 percent ). According to anecdotal evidence, there has been significantly greater topside interest in BTC than in ETH,” it was written. <\/p>\n\n\n\n

“This has caused the implied vol spread between BTC and ETH to drop back to lows of around 7%. With the recovery bounce in spot, implied vols have been trading softer as well. BTC 1-month implieds have fallen back to 65% from 80% highs.”<\/p><\/blockquote>\n\n\n\n

Regardless of the size and timing of the rate hike, QCP believes that “some downside risk” will persist in Q2 as a result of Fed policy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin’s link to U.S. stock indexes has been highlighted by turbulent macro developments, with BTC\/USD reaching its lowest levels for March so far. With U.S. equities going down, Bitcoin (BTC) broke past $43,000 after the March 3 Wall Street open. On the open, stocks and Bitcoin are both down. BTC\/USD maintained within a small intraday […]<\/p>\n","protected":false},"author":34,"featured_media":19378,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,202,128],"class_list":["post-19915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-blockchain","tag-ethereum"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/images-7.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/19915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=19915"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/19915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/19378"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=19915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=19915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=19915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}