Bitcoin (BTC), which was down $40,000 on February 27, as the hopes for the weekly close were hinged on avoiding a fourth red monthly candles in a row, fell short.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
TradFi markets are in turmoil
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD made several attempts Sunday to break the $30,000-$40,000 barrier. All of these failed.
The pair was generally higher over the weekend, which cut traders some slack following a week of volatility due to geopolitics headlines and media headlines.
The level at which Bitcoin should close the week and month was $38,500. Failure to do so would result in a fourth consecutive monthly red candle.
#Bitcoin has less than 36 hours to close above $38.5k in order to break the streak and avoid having 4 straight red monthly candles https://t.co/PX45GlOLrZ
— Matthew Hyland (@MatthewHyland_ February 27, 2022
Cointelegraph reported that bulls did not fall to a lower level last week, despite the negative move in Ukraine. They topped out at $34,300, compared to $32,800 in January.
Pentoshi, a popular analyst and trader, stated that he is cautiously optimistic that there will be a near- or mid-term bottom for Bitcoin.
“I pulled my 40.3k orders. Not great. I will now focus on 41.6k for derisking. There’s some decent upside to that, but it must be flipped. The macro landscape is not bullish, so I’m still cautious.
The macro landscape was set to create uncertainty for Monday’s open, thanks to West moves to reduce Russian banks from off-shore liquidity.
Vladimir Putin’s mention of Russia’s nuclear deterrent also caused controversy over the weekend. Ukraine and Russia began negotiations for the Belarusian border on Sunday.
The potential knock-on effects of Russian financial sanctions on Bitcoin and the cryptocurrency’s neutral status for value transfer became the focus of Bitcoin advocates.
What does this mean for USD & SWIFT if both sides choose to use #Bitcoin because of its superior features? Answer: This means that all countries and institutions should buy as much #Bitcoin now to ensure their financial platform doesn’t become obsolete.
Jason Lowery (@JasonPLowery), February 26, 2022
Balaji Srinivasan, former Coinbase CTO, wrote “Still processing all the implications” in a tweet response to a question about the freezing of central bank assets.
“This is a financial neutron weapon. People are bankrupted without destroying buildings. All 145M Russians are hit simultaneously, each ruble holder. Possible collapse of the Russian economy in a maximalist scenario
Ukraine started accepting donations in Bitcoin, Ether, and Tether (USDT) for its army. At the time of writing, its wallets had already received more than 91 BTC ($3.57million), 1,797 Ethereum ($5.02million) and $1 Million in USDT.
Weekend stays “boring” for crypto
However, crypto markets in general were not looking for any opportunities, as sentiment remained in “wait and watch” mode.
Similar: Ethereum to $10K A classic bullish reversal pattern suggests potential ETH price rallies
None of the top ten cryptocurrency market caps have seen any notable moves over the past 24 hour.
The ETH/USD trade was close to $2,800 with weekly gains still approaching 6%.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Michael van de Poppe, a Cointelegraph contributor, summarized: “Pretty boring market moves during the weekend and it’s not strange.”
“Probably nearing a very chaotic and volatile week due to the conflict in Ukraine. Do not get too excited about your positions. Just take it slow. These political events can change momentum and sentiment quickly.
Eileen Wilson –Technology and Energy
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