Bitcoin (Btc) The faces of the ongoing bearish catalysts as entrepreneurs run into safe shelters such as gold, the new review warns.
In a Focused x thread On March 4, the trade source was announced by the Kobeissi letter a “global move” away from the risk of risk.
Bitcoin is “no longer viewed as Safe Haven Play”
Bitcoin and Altcoins suffered as the US confirmed the Beginning of fresh trade tariffs Against Canada and Mexico, followed by stocks down.
BTC/USD fell $ 10,000 over a 24 -hour period, data from Cointelegraph Markets Pro and Tradingview Displayed, that the entire rally was removed from the center of a US Strategic Crypto Reserve.
While the details of the latter are set to be revealed to White House Crypto Summit On March 7, the Bitcoin Bulls no longer captured the lost support levels.
For Kobeissi, writing is on the wall.
“The real driver here is the global move towards the trade-off trade,” he explained.
“As tensions are rising in the war of war and economic uncertainty is expanding, all dangerous properties are falling. It has been seen in stocks, crypto and oil prices that have all fallen today. Safe hasns have evolved.”
BTC/USD 1-Hour chart. Source: Cointelegraph/TradingView
The S&P 500 and Nasdaq Composite Index completed the March 3 trading session down 1.76% and 2.64%, respectively.
The gold, in contrast, continues to combine the gains while rotating somewhere immediately below All-time highs.
Kobeissi concluded that Bitcoin is “viewed today as a risky possession” in the current macroeconomic environment.
“See the sharp difference -different between gold and bitcoin in their YTD performance,” he reasoned.
“While gold prices are up to 10%, Bitcoin has dropped -10% since January’s 1st. Crypto has never been viewed as a safe play.”
Bitcoin market cap compared to gold futures % change. Source: The Kobeissi/X letter
BTC Price meets Bull Market Support Trend Line
Thus Bitcoin joined the US Dollar Index (DXY) with an unusual sync movement, which took the former towards the 200-day Simple Moving Average (SMA) —a classic line of support in the bull market.
Related: Largest CME Gap Ever at $ 85k: 5 Things to Find in Bitcoin this Sunday
“Important place to watch as you rarely get these trials during a huge high running time. Also a basic level to handle for Bulls,” the famous businessman Daan Crypto Trades wrote in part of a part of a X post on the subject.
BTC/USD 1-Day Chart. Source: road crypto trades/x
Further comments mentioned that BTC/USD closed The largest gap in history In the Bitcoin futures market of the CME Group.
Previously, another space left since November 2024 is closed as part of Bitcoin’s descent to the current multimonth lows near $ 78,000.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
