Bitcoin found short-term support near $43,000 as it retraces some of its gains from the current week. The first crypto by market cap is displaying more strength and managed to close February’s monthly candle in the green, something that last happened back in Q4, 2021.
At the time of writing, Bitcoin trades at $43,985 with a 16.9% profit over the past week.
In a recent update from QCP Capital, the firm reiterated its bullish stand. As NewsBTC recently reported, the firm published a monthly report on the crypto market and made a deep dive into the factors impacting BTC’s price at the moment.
Of course, the Russia-Ukraine conflict is one of the most significant. QCP Capital explored the market performance after a conflict has started, comparing the current situation with the 2001 U.S. invasion of Afghanistan and the Crimea crisis of 2014.
On several occasions, when major arm conflicts erupt, the market reacts to the downside but sees some subsequent relief.
QCP Capital wrote:Historically, war-related sell-offs have been great buying opportunities, particularly large-scale war involving superpower.
In the Vietnam war (1964) Gulf War (1991), Afghan War (2001), Iraq War (2003) and Crimean Crisis (2014), markets saw positive returns for 3-6 months after the invasion.
Leave a Reply
You must be logged in to post a comment.