Bitcoin returns to test $40K as macro factors pile up to squash BTC bulls

Bitcoin (BTC) bended to caller macro pressures connected March 4 aft bulls failed to clasp $42,000 for long.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Europe stocks descend connected Friday open

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching lows of $40,800 connected Bitstamp Friday aft a large options expiry event.

Overnight performance, initially showing a recovery, had been stymied by worries implicit a atomic powerfulness works occurrence successful Ukraine.

Stocks futures fell connected the news, the severity of which was subsequently questioned.

In Germany, the DAX scale deed a one-year debased connected the regular open, with the S&P 500 yet to commence trading.

"From caller high, scale has mislaid 17%, mode much than S&P 500," markets commentator Holger Zschaepitz noted.

"Investors are turning their backs connected Europe arsenic the hazard of stagflation increases. This means that Europe's comeback has failed yet again."

In Europe, the spotlight was besides connected commodities, with state prices again touching caller highs connected Thursday. So excessively was inflation.

Inflation information nary longer matters overmuch for central-bank argumentation prognostications, evidently. Italian ostentation surged to a grounds for a 3rd consecutive month, to 6.2% successful February vs the 5.5.% median estimate, information released this greeting show. Yet 2-year Italian yields are plunging. pic.twitter.com/8I4ZcTaSh4

— Lisa Abramowicz (@lisaabramowicz1) March 1, 2022

A cautious Crypto Ed frankincense laid retired the near-term prognosis for Bitcoin with immoderate trepidation.

"So, truly request that 5th leg. A deeper driblet from present is atrocious quality for the anticipation of that 5th leg..... Especially erstwhile losing 40k again, we tin skip the bullish vibes and commencement looking for shorts," helium warned connected the day.

"Bullish supra 42, bearish beneath 40k."

No let-up for short-term altcoin performance

Altcoins characteristically suffered arsenic Bitcoin continued to dip, with attraction focused connected Ether (ETH) and its inclination versus BTC.

Related: Bitcoin a 'good bet' if Fed continues easing to debar a recession — Analyst

ETH/BTC 1-hour candle illustration (Bitstamp). Source: TradingView

Already struggling, sentiment took a further deed from quality that Metamask was preparing to block ETH transactions successful Venezuela successful bid to comply with authorities regulations.

"By default, MetaMask accesses the blockchain via Infura, which is unavailable successful definite jurisdictions owed to ineligible compliance," a blog post announced Thursday.

The apical 10 cryptocurrencies by marketplace headdress were led by Solana (SOL) successful presumption of regular losses, SOL/USD down astir 7%.