Commodities Act As Meme Tokens, Fear Continues To Dominate – What’s Next for Bitcoin Price?

The moment of truth is almost here for the Bitcoin price in the short term.

Over the past weekend, Anthony Blinken, the US Secretary of State, raised the possibility of a ban on Russian oil imports by America. This caused a panic in the commodities market, with the price of oil at one point reaching almost $140.

The equity markets were also hit, while the price of Bitcoin held on to the $38K mark as best it could.

Joe Biden has just confirmed this new sanction imposed on Russia by America while warning that gasoline prices will rise further in America. For investors, this should not cause more panic, as the markets had already anticipated this announcement. Now we will have to see what will happen with the European Union. Will the European Union go so far as to deprive itself of Russian gas, which would perhaps be an even harder blow for its economy than for that of Russia?

No one can say at the moment. The question here is whether Europeans are willing to pay this price to defend freedom and democracy while Russia continues to wage Putin's war in Ukraine.

Regarding the Bitcoin price, we can see on a 1D-timeframe that the short-term moment of truth is near: