The price has already climbed back over $39,000, but it hasn’t broken the $40,000 level since before the weekend, signalling that the gains BTC saw last week, when the chart surged as high as $44,644, could prove short-lived.
The dip comes as analysts observe a high and steady correlation between BTC and the stock market. Meanwhile, commodities prices are skyrocketing. BTC’s correlations with gold, silver and platinum are at their lowest since August 2021, according to data provided by IntoTheBlock.
The crypto Fear & Greed Index tumbled down in sync, going from neutral last week to extreme fear at the time of writing. Analysis suggests that we have not yet seen the full impact of the current geopolitical situation on the crypto markets.