Today Bitcoin is trading down by roughly 4.2% and trading hands around $42,000. The current market dominance is 42.42%. Numerologists have fun with that one.

Regulatory developments for Bitcoin are largely seen as bullish for the asset, giving the cryptocurrency sector more credibility and allowing more large corporations even governments to adopt Bitcoin. One recent regulatory proposal out of the E.U. that had the potential to be extremely bearish for the space was recently scrapped.

The turmoil in Ukraine has caused many citizens in the countries involved (Russia, Ukraine) to flee traditional fiat currencies and turn to Bitcoin and other cryptocurrencies, namely stable coins such as USDT. The reasons behind the flight from cash are two-fold.

Today Bitcoin continues to explode higher, and few analysts have proposed the reason behind this rally. The Donations exceeding $60 million in Bitcoin and Ethereum are reminiscent of the last significant one-day rally in BTC occurred on Feb.

Over this last week, especially these past two days, the topic on everyone’s minds, traders included, is the situation in Eastern Europe so much, so I don’t even have to name the countries involved for the readers to know what I am referring to.

On the back of more substantial losses over this last week, Bitcoin has reconfirmed its bearish trend that has now been at play for over three months. So, the question becomes, where can we look for this trend to reverse?

Both technical and fundamental issues brought Bitcoin lower today, but the fundamentals really caused damage to pricing.

Bitcoin had some solid gains starting overnight or in the overseas markets and lasted up until the open in New York before hitting resistance and giving back only a small fraction of its gains. Currently as of 2 PM EST, Bitcoin is trading at around $44,150 on the spot market and $44,215 in CME futures.

Over the weekend Bitcoin traded to a low of roughly $41,600 on an intra-day basis. However, on a closing basis Bitcoin managed to effectively hold above the 50-day moving average, which is now sitting just below $42,000 at $41,900.

The CPI (consumer price index) numbers came in for January, showing a sizeable increase year over year compared to last month. It came in over analysts’ expectations, predicting a 0.2% – 0.3% increase coming in at a staggering 7.5%—this a half of a percent increase over December’s numbers. So not only are we looking at a 40-year high, but it continues to rise even still.