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Bitcoin (
$0.00 ) (BTC) recovered from one-week lows on March 8 after a lack of progress in Russia-Ukraine talks sent markets tumbling.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Commodities “trading like meme stocks”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing at $37,170 on Bitstamp after Monday’s Wall Street open.
Overnight progress maintained support, with the pair trading at around $38,500 at the time of writing.
Crypto and stocks had reacted badly to the third round of negotiations to end hostilities between Russia and Ukraine ending in a lack of consensus.
“There are small positive subductions in improving the logistics of humanitarian corridors… Intensive consultations have continued on the basic political block of the regulations, along with a ceasefire and security guarantees,” negotiator Mykhailo Podolyak nonetheless tweeted as part of feedback following conclusion of the talks.
The news was not enough to provide any form of hope, however — U.S. stocks trended down throughout the session, the S&P 500 ending Monday with 2.95% losses.
Commodities, meanwhile, saw spikes which were often unprecedented, such as nickel jumping past $100,000 per ton on the London Metal Exchange.
Commodities are trading like meme stocks.
Wheat +17%, +75% YTD. pic.twitter.com/04T2h5aRmR
— Dylan LeClair (@DylanLeClair_) March 8, 2022
At the same time, pain continued for Russia, with only ruble-exposed investors hedging in BTC seeing some form of relief. On Monday evening, BTC/RUB hit new all-time highs of just over 5 million on Binance.
BTC/USD 1-day candle chart (Binance). Source: TradingView
Amid the mayhem, and despite Bitcoin ( $0.00 ) ’s lackluster price reaction as a safe haven paradoxically correlated with stocks, there were nonetheless votes of confidence from diehard supporters.
“The world is watching trust get repriced in real time,” Marty Bent, founder of Bitcoin ( $0.00 ) media company TFTC summarized.
“When the dust settles Bitcoin ( $0.00 ) will be the biggest benefactor bc the masses will realize a distributed system that cannot be controlled by a single person, government, corporation or coalition is the only thing they can trust.”
Regulatory concerns from the U.S. meanwhile also contributed to the market’s cold feet.
$40,000 becomes short-term target
For low timeframe trades, Bitcoin ( $0.00 ) nonetheless looked fairly unappealing for many, with upside potential decidedly limited.
Related: 3 reasons why Bitcoin ( $0.00 ) can rally back to $60K despite erasing last week’s gains
For popular traders Anbessa and Crypto Ed, $40,000 remained an obvious target for a bullish divergence.
#BTC LTF Intraday Update ✅
bullish divergence playing out up 3% pic.twitter.com/Gabh2xSF5P
— AN₿ESSA (@Anbessa100) March 7, 2022
“Target can be defined better when that correction is finished, but for now sticking with ~40k,” Crypto Ed added.
As Cointelegraph reported, upcoming events in the U.S., notably consumer price index (CPI) data due Thursday and a decision on interest rate hikes next week, were apt to disrupt sentiment in the short term.
