Yesterday I saw that Bitcoin is under pressure again and has dropped back to around $72.68K. I actually expected us to go higher last week, but macro risks are really everywhere. Producer price inflation in January was hotter than expected, so the Fed won't cut quickly. Markets are now pricing in a 96% chance that March will pass without a rate cut.

Not only crypto felt the blow. Stocks also declined, especially those companies with a lot of Bitcoin or crypto exposure. I saw some mining stocks drop 6-8%, and even MicroStrategy is losing some value. The entire risk-off movement is pushing money into safe havens — gold rose 1% last week and is now above $5,230 per ounce.

An analyst said that after the options expiration in February, traders expect Bitcoin to be between $72,000 and $54,000 in March. That sounds logical given the current sentiment. Credit markets are also tightening, so caution is still advised. March is historically not the best month for cryptos anyway, so I keep my position small.