OPINION
Market Rating Before FOMC MeetingJan 31
Will Bitcoin hit 50k?
Bitcoin started the week by 4.51 percent increase and reached 47 500, increasing its attractiveness for the market participants again. BTC ended its horizontal course of about 2.5 months due to the Russia –Ukraine war, and took 50 000 resistance level on its radar again.
After testing its historical high of 68 827 in November 2021, BTC fell dramatically until the end of January and struggled to find its direction for about 2 months.
Here, especially the news of regulation for cryptocurrencies, concerns caused by new Omicron variant, the entry of developed countries, especially the Federal Reserve into the tightening cycle against rising inflationary pressures worldwide, caused Bitcoin to hit 32 862 within the horizontal course. In addition, high fear was another obstacle against the recovery of the leading cryptocurrency.
However, at this point, on the 34th day of the Russia-Ukraine war, the West, especially the USA, started to impose harsh sanctions on Russia, including swift, which has a positive effect on the cryptocurrency market. In particular, the expectation that Russia will evade financial sanctions, including swift, thanks to the cryptocurrencies is the main driver of bullish movements.
On the other hand, Biden's executive order, which iss focused on updating US financial regulations to address cryptocurrency, is perceived by some investors as a good sign for digital assets, there are also prominent strategies that believe this news will have a downside risk to Bitcoin. It is also known that the member states of the European Union (EU) are preparing measures against cryptocurrencies to ensure that the economic sanctions imposed on Russia are not evaded.
Today, Bitcoin reached 47 500, the highest level of 2022, thanks to all these developments. With the relative decline in investor stress, other cryptocurrencies and altcoins such as Ethereum, Solana, Cardano also gained momentum at similar rates. Technically, as long as BTC stays above 45 000, we will closely follow 50 000 level.
After testing its historical high of 68 827 in November 2021, BTC fell dramatically until the end of January and struggled to find its direction for about 2 months.
Here, especially the news of regulation for cryptocurrencies, concerns caused by new Omicron variant, the entry of developed countries, especially the Federal Reserve into the tightening cycle against rising inflationary pressures worldwide, caused Bitcoin to hit 32 862 within the horizontal course. In addition, high fear was another obstacle against the recovery of the leading cryptocurrency.
However, at this point, on the 34th day of the Russia-Ukraine war, the West, especially the USA, started to impose harsh sanctions on Russia, including swift, which has a positive effect on the cryptocurrency market. In particular, the expectation that Russia will evade financial sanctions, including swift, thanks to the cryptocurrencies is the main driver of bullish movements.
On the other hand, Biden's executive order, which iss focused on updating US financial regulations to address cryptocurrency, is perceived by some investors as a good sign for digital assets, there are also prominent strategies that believe this news will have a downside risk to Bitcoin. It is also known that the member states of the European Union (EU) are preparing measures against cryptocurrencies to ensure that the economic sanctions imposed on Russia are not evaded.
Today, Bitcoin reached 47 500, the highest level of 2022, thanks to all these developments. With the relative decline in investor stress, other cryptocurrencies and altcoins such as Ethereum, Solana, Cardano also gained momentum at similar rates. Technically, as long as BTC stays above 45 000, we will closely follow 50 000 level.
