Bitcoin was rejected north of $40,000 after a short live rally push it into previous highs. Persistent selling pressure and uncertainty around the global situation, and an incoming shift in central banks monetary policy, seems to be taking a toll on the crypto market.
As of press time, Bitcoin trades at $38,790 with a 1.2% loss in the last 24-hours.
Via Twitter, legendary trader Peter Brandt gave “Gen Z” life advice and talked about the importance of making monthly savings in Bitcoin, stocks, and solid companies. As the world enters a period of potentially further uncertainty, Brandt’s message to younger generations was just to simply “HOLD”.
With decades of experience trading the legacy financial system, Brandt also advice “Gen Zers” to think about the market as a “hobby”. In that sense, he advised them to “secure a good job”, to be “frugal”, to get a degree on an area which can provide jobs opportunities, and to stay active in the market while hoping for lower prices in solid assets.
As he advised younger generations to avoid student debt, the Legendary trader said:
Current market conditions could turn unfavorable for new Bitcoin or crypto traders, the price of the benchmark crypto has been moving sideways, without clear direction, since the start of 2022. In that sense, other investment strategies could result more favorable.
Brandt added reiterating his, sometimes controversial, position in the crypto market as a whole:
Bitcoin Reacts To Macro Factors, What Could Break The Range
In the short, Bitcoin’s price action seems to have been influenced by events in the White House as U.S. President Joe Biden signed an executive order regarding cryptocurrencies. BitBank’s analyst Yuya Hasegawa believes BTC experienced a “sell the fact” event.
The upside momentum of the last week had a similar origin, as Hasegawa said:
However, sellers were reinvigorated by a hike in inflation expectations, the analyst added. The U.S. Consumer Price Index (CPI) continues to trend higher alongside commodities:
BTC’s price will continue to be affected by the performance in the stock market, and could benefit from a cease fire in the Russia-Ukraine conflict.