Macro and technical headwinds accrue for bitcoin

Published by
Reuters UK

By Medha Singh and Vidya Ranganathan (Reuters) – A weak start to 2022 and a host of looming macro and technical headwinds are setting cryptocurrencies up for a rough ride in the weeks to come. The biggest of them, bitcoin, has not managed to hold above the $50,000 mark since its Dec. 4 crash and is down 12% this year. Far from being the hedge against inflation or the uncorrelated alternative asset it was sometimes plugged as, bitcoin has suffered disproportionately, losing 40% from its peak in November, as the Federal Reserve and other major central banks spelt out plans to raise rates and rem…

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