Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock
Bitcoin (CRYPTO: BTC) made a lower low on the daily time frame last week as it failed to hold above the key $44,600 level, with many analysts calling for lower prices as macro headwinds mount up. Downside risks involve war in Ukraine, persistent inflation in consumer goods and supply chain issues, new inflation from soaring oil prices, and the reaction from the Federal Reserve to combat this inflation. Many predict a global recession is on the horizon if the Federal Reserve decides to hike rates aggressively starting from March 16th, although the board have become more dovish since the war broke out.
