Bitcoin rally stalls at $39.2K but BTC price metric suggests local bottom could be here
Bitcoin (BTC) checked its latest advance on Feb. 23's Wall Street open as Russia repercussions continued to play out.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling back towards the $38,000 mark during Feb. 23, having earlier reached $39,200 highs.
Pressure from the Russia-Ukraine conflict remained an ever-present threat to equities, with which both Bitcoin and altcoins are closely correlated.
The S&P 500 traded down 0.25% in its first hour, while Russia's MOEX index furthered heavy losses from Feb. 23, down another 7.3% at the time of writing.
The Russian ruble continued its decline in step, accelerating past 80 to the dollar on news that the United Kingdom would stop Russian businesses clearing in either dollars or British pound sterling.
With much uncertainty in the air, market participants looking for low-timeframe shots were having to reassess their approach on a constant basis.
Bitcoin Bullish Inverse Head and shoulders bottom forming good risk reward entry here with stop at $34K pic.twitter.com/fk8N6fAwQo
"Am bullish BTC over next few months," Blockware lead insights analyst William Clemente tweeted on the day about the longer-term macro prognosis.
In terms of Bitcoin continuing to follow global equities, meanwhile, Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, argued that it was not all bad news for those hoping that Bitcoin would decouple to become an asymmetric hedge against global uncertainty.
"Good News: BTC is getting adopted by traditional institutions. Its ownership is changing by new players who trade stocks. Bad News: BTC is not a safe-haven asset. For now," he summarized.
Turn to on-chain metrics, however, and Bitcoin looked decidedly more promising, as Clemente had
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