tastycrypto’s software will enable users to custody, control, and take ownership of their digital assets.
tastytrade logo
cracked bit coin Asia illustration

Feb 8, 2022

Bitcoin Flags Risk-On Sentiment into Asia-Pacific Trading After Nasdaq Falls

By:Thomas Westwater

Bitcoin, BTC/USD, China, Risk Trends, Commodities - Talking Points

  • Asia-Pacific markets may see cautious start after late-day Wall Street selloff
  • Light economic calendar may leave rosy market sentiment unchecked, for now
  • BTC/USD breaks above its 50-day Simple Moving Average on overnight strength

Tuesday’s Asia-Pacific Outlook

Asia-Pacific markets look ready for a higher open as risk-sensitive assets like Bitcoin and the Australian Dollar gain versus the haven-linked US Dollar despite a late-day selloff on Wall Street overnight. BTC/USD traded to its highest level since January 5, while AUD/USD rose by more than half a percentage point. The tech-heavy Nasdaq 100 Index (NDX) led losses in New York, with Meta stock continuing its decline from last week when a poor earnings report put off investors.

Traders will look to extend the move higher in Chinese equity markets after a rosy start coming off a week-long holiday break. The tech-heavy CSI 300 index gained 1.54% on Monday. China’s Caixin purchasing managers’ index (PMI) for January, released Monday, showed slower growth from the prior month, coming in at 51.4 from 53.1 in December. Waning demand amid the Omicron wave and higher material costs weighed on the sector.

This morning, Japan reported a 0.2% year-over-year drop in household spending for December. That was below the +0.0% consensus analysts’ forecast, according to a Bloomberg survey. Japan’s January bank lending dropped at 0.6% y/y, constant from +0.6% in December. Later today, Japan’s Eco Watchers Survey for January will cross the wires. January business confidence numbers are due out at 00:30 GMT from Australia. Today’s economic calendar is rather light elsewhere.

Crude oil prices fell overnight while Brent managed to stay afloat, with both benchmarks hovering near multi-year highs as demand ramps up amid tight market supply. Other commodities, including industrial metals and agricultural products, have surged in recent weeks, driven largely by the same fundamental factors pushing energy prices higher, along with shrinking physical inventories. Jeff Currie, head of commodities research at Goldman Sachs, stated overnight on Bloomberg, “This is a molecule Crisis. We’re out of everything, I don’t care if it’s oil, gas, coal, copper, aluminum, you name it, we’re out of it.”

Bitcoin Technical Forecast

Bitcoin broke higher overnight, adding to upside stemming from the late-January multi-month swing low, and bringing prices above the 50-day Simple Moving Average (SMA). The 61.8% and 78.6% Fibonacci retracements may offer some resistance, with a break above those levels exposing the 200-day SMA. Alternatively, a move back to the downside would see bulls likely attempt to defend the psychological 40,000 level. MACD is aiming for a break above its center line, a bullish sign, while the RSI oscillator is also aimed firmly higher. 

Bitcoin Daily Chart

Chart created with TradingView

--- Written by Thomas Westwater, Analyst for

To contact Thomas, use the comments section below or @FxWestwater on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options.

Related Posts

tastytrade content is provided solely by tastytrade, Inc. (“tastytrade”) and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, transaction or investment strategy is suitable for any person. Trading securities can involve high risk and the loss of any funds invested. tastytrade, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors, and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. tastytrade is not in the business of transacting securities trades, nor does it direct client commodity accounts or give commodity trading advice tailored to any particular client’s situation or investment objectives. Supporting documentation for any claims (including claims made on behalf of options programs), comparison, statistics, or other technical data, if applicable, will be supplied upon request. tastytrade is not a licensed financial advisor, registered investment advisor, or a registered broker-dealer. Options, futures and futures options are not suitable for all investors. Prior to trading securities products, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure for Futures and Options found on 

tastytrade is a trademark/servicemark owned by tastytrade.

tastyworks, Inc. ("tastyworks") is a registered broker-dealer and member of FINRA, NFA and SIPC. tastyworks offers self-directed brokerage accounts to its customers. tastyworks does not give financial or trading advice nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of tastyworks’ systems, services or products. tastyworks is a wholly owned subsidiary of tastytrade, Inc (“tastytrade”).

tastyworks, Inc. (“tastyworks”) has entered into a Marketing Agreement with tastytrade (“Marketing Agent”) whereby tastyworks pays compensation to Marketing Agent to recommend tastyworks’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastyworks. tastytrade is the parent company of tastyworks. tastyworks and Marketing Agent are separate entities with their own products and services. tastytrade has different privacy policies than tastyworks.

Quiet Foundation, Inc. (“Quiet Foundation”) is a wholly-owned subsidiary of tastytrade The information on is intended for U.S. residents only. All investing involves the risk of loss. Past performance is not a guarantee of future results. Quiet Foundation does not make suitability determinations, nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of Quiet Foundation’s systems, services or products.

© copyright 2013 – 2022 tastytrade. All Rights Reserved. Applicable portions of the Terms of use on apply. Reproduction, adaptation, distribution, public display, exhibition for profit, or storage in any electronic storage media in whole or in part is prohibited under penalty of law, provided that you may download tastytrade’s podcasts as necessary to view for personal use.