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BTC has been doing rather well considering how poorly the global economy has been suffering with the British Pound falling below $1 for the first time since the 1950s and the situation around the Ukraine-Russia war worsening by the minute. Bitcoin continues to prove its value amidst chaos and uncertainty acting as a hedging mechanism against inflation and global economic turbulence.
While it has been struggling during the last two weeks, there are notable signs of potential recovery. It is way too soon to talk about a new Bull Run, but a strong price retracement looks more than possible with the price moving confidently to the new weekly high of $20,450 which could be achieved by Sunday. After losing 16% in just two days on September 13-14, the asset was in rough shape, but this week was promising.
BTC outperforms all indices
NASDAQ and S&P 500 both lost substantial portions of their strength. Since September 21, NASDAQ lost about 9.8% and S&P 500 lost 9.1%. The tech-heavy NASDAQ was unable to sustain its high evaluation due to the contracting US economy that provides no support to IT firms that have been suffering since the onset of the COVID-19 pandemic. While the pandemic was devastating to some like Lyft and Uber, it brought more business to streaming services and delivery giants like Amazon.
In 2022, the situation is such that these companies are struggling too. The inflation is just way too harsh on the corporation that relies on constant expansion and growth.
In the same period from September 21 to October 1, BTC managed to gain about 9.1% (calculated with market lows) and shows a strong upward trend with a lot of trading volume.
We are on the way to the new support level
After a devastating month, the crypto industry seems to be in a good shape for a swift recovery. Bitcoin seems to be eyeing the $20.5K support line which will be a very important defensive position for the Bulls judging by support lines and Moving Averages. At the same time, Ethereum has been recovering too meaning that investors are finally making their minds up.
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