Bitcoin consolidates after $40K surge as analyst eyes weekly higher low for BTC price

2 years ago

Bitcoin (BTC) began a tense play astatine astir $39,000 connected Feb. 26 aft an overnight spike concisely saw $40,000 return.

Stocks gains but crypto "fear" pervades

Data from Cointelegraph Markets Pro and TradingView revealed calmer conditions for BTC/USD Saturday aft overnight volatility saw highs of $40,330 connected Bitstamp.

With accepted markets closed, the probability of "fakeout" moves up oregon down was elevated acknowledgment to thinner play volumes connected crypto markets.

The geopolitical turmoil focused connected Ukraine and occupier Russia formed the backdrop for continued cautious sentiment, amid concerns that Monday, successful particular, could bring caller instability.

The Crypto Fear & Greed Index, portion inching up towards the extremity of the week, remained successful the debased "fear" portion astatine 26/100.

A imaginable metallic lining for Bitcoin bulls meantime came from the play chart. With its caller $34,300 debased connected the Ukraine invasion, BTC nevertheless managed to enactment successful a higher debased versus January's $32,800 dip.

Should that hold, trader and expert Rekt Capital believed, February's comedown from $45,500 would astir apt crook retired to person been a "necessary" consolidation move.

— Rekt Capital (@rektcapital) February 25, 2022

Macro markets meantime ended the week connected a high, with significant rebounds for some European and U.S. indices.

The U.S. dollar, which had surged successful spot arsenic hostilities began, gave backmost astir of its gains, with the U.S. dollar currency scale (DXY) returning to 96.5 from highs of 97.7.

LUNA leads apical 10 altcoins higher

Altcoins provided a mixed but inactive wide beardown representation Saturday, large tokens led by Terra (LUNA), up astir 50% successful a week.

With Bitcoin cooling, immoderate precocious gains were inactive playing out, including for XRP, which was 10.3% higher implicit the 24 hours to the clip of writing.

Ether (ETH), the largest altcoin by marketplace cap, traded supra $2,750 connected the backmost of 5.6% regular gains, having sought to situation $2,900 overnight.