Technical and Fundamental pressures take Bitcoin lower
Both technical and fundamental issues brought Bitcoin lower today, but the fundamentals really caused damage to pricing.
Bitcoin did not move higher on news that the Ukrainian parliament passed a law under the growing tensions, making Bitcoin legal tender. Bitcoin did react strongly to the dramatic decline in U.S. equities, losing around $3,500 in value today.
As of 5:30 EST, spot Bitcoin is trading at approximately $40,500. This after hitting support at $40,000 and moving slightly higher off of those lows. BTC futures are trading off by 7.78% at $40,740. The S&P lost 2.12%, and the Nasdaq composite lost 2.88% in trading today.
The loss in the major Indices diffidently seemed to be the fundamental reason why Bitcoin experienced a sell-off today. Technically the failure to trade above $44,275 on a closing basis was the bearish force that took pricing lower today.