Bitcoin fails to beat resistance as $40K stays out of reach into weekly close

Bitcoin (BTC) faced down $40,000 connected Feb. 27 arsenic hopes for the play adjacent hinged connected avoiding a 4th reddish monthly candle successful a row.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Tensions equine for TradFi markets open

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making respective attempts to interruption retired of the $30,000-$40,000 corridor Sunday, each of which ended successful rejection.

The brace had stayed broadly higher passim the weekend, cutting traders immoderate slack aft a week of volatility astatine the hands of geopolitics and media headlines.

Now, $38,500 was the level to ticker for Bitcoin to adjacent retired the week and the period — nonaccomplishment to bash truthful would mean a 4th consecutive monthly reddish candle.

#Bitcoin has little than 36 hours to adjacent supra $38.5k successful bid to interruption the streak and debar having 4 consecutive reddish monthly candles https://t.co/PX45GlOLrZ

— Matthew Hyland (@MatthewHyland_) February 27, 2022

As Cointelegraph reported, bulls were spared a little debased past week, contempt the downside determination connected the Ukraine invasion, bottoming retired astatine $34,300 versus $32,800 successful January.

"Cautiously optimistic this is simply a abbreviated to mid-term bottommost for BTC," fashionable trader and expert Pentoshi continued.

"I pulled my 40.3k orders (not great) and volition absorption higher to 41.6k for de-risking. Must flip that and there's immoderate beauteous decent upside. I americium inactive cautious bc the macro scenery imo is thing but bullish."

That macro scenery was poised to present a caller bout of uncertainty connected Monday's unfastened acknowledgment to moves by the West to cut Russian banks off from off-shore liquidity and the SWIFT outgo system.

A notation of Russia's atomic deterrent by president Vladimir Putin likewise ruffled feathers implicit the weekend, with Ukraine and Russia opening negotiations connected the Belarusian borderline Sunday.

For Bitcoin proponents, meanwhile, the imaginable knock-on interaction of Russian fiscal sanctions and the cryptocurrency's presumption arsenic a neutral web for worth transportation began to instrumentality halfway stage.

— Jason Lowery (@JasonPLowery) February 26, 2022

"Still processing the implications," erstwhile Coinbase CTO Balaji Srinivasan wrote arsenic portion of a Twitter effect astir freezing the cardinal slope assets.

"This is simply a fiscal neutron bomb. Bankrupts radical without blowing up buildings. Hits each 145M Russians astatine once, each ruble holder. In a maximalist scenario, imaginable illness of the Russian economy."

On its part, Ukraine began to accept donations for its service successful Bitcoin, Ether (ETH), and Tether (USDT). Its wallets had received over 91 BTC ($3.57 million), arsenic good arsenic 1,797 ETH ($5.02 million) and $1 cardinal successful USDT astatine the clip of writing.

Weekend stays "boring" for crypto

For crypto markets overall, however, determination were fewer opportunities arsenic sentiment remained precise overmuch successful "wait and see" mode.

Related: Ethereum to $10K? Classic bullish reversal signifier hints astatine imaginable ETH terms rally

Out of the apical 10 cryptocurrencies by marketplace cap, nary managed noticeable moves up oregon down implicit the past 24 hours.

ETH/USD traded astatine adjacent $2,800, with play gains nevertheless approaching 6%.

ETH/USD 1-hour candle illustration (Bitstamp). Source: TradingView

"Pretty boring marketplace movements during the play and that’s not weird," Cointelegraph contributor Michaël van de Poppe summarized.

"Probably approaching a precise hectic & volatile week with the warfare successful Ukraine. Don’t spell ham connected your positions, conscionable play it slow. Sentiment and momentum tin power accelerated owed to these governmental events."