The BTC/USD pair remained under intense pressure amid the ongoing crisis in Ukraine.
It is also having a difficult time as investors move to the safety of gold and the US dollar. It is trading at 38,750, which is a few points above the weekend low of 37,618.The BTC/USD pair remained in a tight range in the past few weeks as the crisis in Ukraine has accelerated. In the same period, the US Dollar Index has jumped to the highest level in months while gold has crossed the key resistance at $2,000.
Another reason why the BTC price has been under pressure is that the crisis has come at a time when inflation is surging. Recent data shows that American inflation has jumped to the highest point in over 40 years. With the prices of most items like oil, gas, wheat, fertilizer, and iron ore surging, there is a likelihood that inflation will soar to 10% in the coming months.