Can bitcoin continue to perform against the wind as the "death cross" approaches again?

Commenting on the "death cross", Juthica Chou, head of OTC trading at cryptocurrency trading platform Kraken OTC, said.

"It's not surprising that Bitcoin has had a really mixed time, given some of the macro backdrop that is affecting price action. Still, we've seen a very healthy rally in the last 24 hours and I think the fundamentals remain very strong."

Cryptocurrencies have been under pressure in recent weeks, with bitcoin down more than 30 percent since reaching a high of nearly $69,000 last November. Crypto assets are experiencing a fresh move lower as the likelihood of a Federal Reserve rate hike in March becomes more likely. What is important to know is that in addition to the rate hike, the Fed has already communicated to the market about a possible early tapering.

With such aggressive tightening, speculative investments like bitcoin are being abandoned. It is reported that only 5% of the clients surveyed by JPMorgan Chase expect bitcoin to reach $100,000 per coin by the end of 2022.