Bitcoin fell after the stock market: an overview of the situation

• The rate of the main cryptocurrency fell by 7% overnight, most of the major altcoins are also in the red

• This is a reaction to the strong fall in the stock markets and geopolitical crisis

• Now main bitcoin’s task is to keep the support level at $17 thousand

Bitcoin exchange rate fell by 7% per day and now it is $17,7 thousand. The capitalization of the asset decreased to $770 billion. At the same time, the market capitalization of all cryptocurrencies fell by 4.94% (up to $1.95 trillion).

Reason for the fall

Investors, including in the cryptocurrency market, react to the development of the conflict between Russia and Ukraine. Recently, the news about the withdrawal of troops gave hope. But yesterday information was received about a mortar attack in the Donbass, and the panic is flaring up again.

Stock markets in crisis

Bitcoin is largely influenced by US stock markets. Yesterday they closed with sharp losses: the Dow Jones

fell by 1 .8%, Nasdaq lost 2.9%, S&P 220 collapsed by 2.1%.

USA continues to tighten the screws

Finally, yesterday FOMC member Bullard gave a fresh commentary on US monetary policy. He urged the Central Bank to tighten up in the face of inflation.

BTC Technical Price Marks

Many crypto investors believe that holding a level of $17 is critical for bitcoin to maintain its chances for sustainable growth. A return below this key support will inevitably lead to a fall in BTC to the level of 17 dollars.

Renowned analyst Mikael Van Poppe remains positive. It showed that in the long term, the support level is rising, so a bullish reversal is ahead:

Nothing really changed. This one is still the one I’m looking at for #Bitcoin in which I’d prefer to see a break of this weekly order block.

If that doesn’t happen, then I ‘m not bullish. pic.twitter.com/1Evr40BRb5