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Crypto weakness a BIT worrying for Bitcoin bulls

Fawad Razaqzada Fawad Razaqzada 25/03/2021
Crypto weakness a BIT worrying for Bitcoin bulls Crypto weakness a BIT worrying for Bitcoin bulls
Crypto weakness a BIT worrying for Bitcoin bulls Fawad Razaqzada
Bitcoin sold off for a second day as the dollar rallied and as “risk off” gripped the markets in the first half of the day. But European markets managed to rebound into the close as yields fell while the euro continued to weaken across the board. However, it remained to be seen whether European index futures would be dragged lower again along with US markets, or whether the bulls on Wall Street would return. Judging by recent events, traders seem happy to be selling into the rallies rather than buying the dip. So, don’t be surprised if we see renewed weakness in the markets later on in the session.

If so, this could be further bad news for Bitcoin. The crypto has been correlating positively with risk assets over the past year and if that relationship remains strong then the digital currency could follow risk assets lower.

Even if a proper sell-off does not materialise for stocks and other risk assets today, Bitcoin traders need to proceed with caution because in recent days we have been getting more and more signs that the appetite for risk is slowly fading away across the financial markets with Chinese equities slumping, crude and copper also weakening. Bitcoin could be the next domino to fall as investors rush to book profit.

Bitcoin has actually formed a bearish signal in that it has broken its short-term bullish trend:

Bitcoin

While a trend break is not necessarily the end of a major bull run, it certainly serves as a warning sign for Bitcoin bulls.  A clean break below the $50K hurdle, if seen, could be the trigger behind a potentially sharper drop.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Meet our contributors
Fawad Razaqzada
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Fawad Razaqzada
Market Analyst, London

Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms. He leverages years of market knowledge to provide retail and professional traders worldwide with succinct fundamental & technical analysis. Fawad also offers trading education to help shorten the learning curves of developing traders.
 
His colleagues consider him an expert at reading price action on the charts. This together with his deep understanding of economics and fundamental analysis, and trading experience, puts him in a great position to forecast short term price movements. Fawad covers a wide range of markets, including FX, commodities, stock indices and cryptocurrencies and his comments are regularly quoted by the leading financial publications such as Reuters and Market Watch. In addition to ThinkMarkets, Fawad also provides analysis and premium trade signals on his own website at TradingCandles.com.
 
 

Carl Capolingua
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Carl Capolingua
Market Analyst, Melbourne

Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Fawad Razaqzada
Fawad Razaqzada
Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms.
Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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