The price action of Bitcoin is once again tanking as bearish bias is ramping up. This is being prompted by several contributing factors, the main one amongst which is increasing overall uncertainty. Markets are shuddering from the looming prospects of a Russian invasion of Ukraine, which stymies investors 'demand for higher-risk assets.
Additionally, the rallying dollar exacerbates Bitcoin's struggles in the short term, as traders and investors seek to hedge their portfolios with lower-risk securities. This process is likely to be bolstered this week, given the top-tier releases scheduled in the economic calendar for the next five days.
The main event to watch out for will be the revised U.S. GDP growth rate numbers, scheduled for release on Thursday. According to the preliminary forecasts, the pace of economic growth is expected to be upwardly revised, thereby bolstering the greenback. Hence, bearish pressure on Bitcoin is likely to increase in the short term.
Regardless, a minor bullish pullback may occur beforehand as a natural part of the underlying downtrend's progression. This would allow bears to utilise trend-continuation strategies by selling the resulting peak of the correction. Bulls, in contrast, could potentially adopt the riskier contrarian trading strategies and go long before such a correction were to develop.
Profit & Loss
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