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



Bitcoin (BTC) started a nervous weekend at round $39,000 on Feb. 26 after an in a single day spike briefly noticed $40,000 return.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Shares positive aspects however crypto “concern” pervades

Information from Cointelegraph Markets Professional and TradingView revealed calmer situations for BTC/USD Saturday after in a single day volatility noticed highs of $40,330 on Bitstamp.

With conventional markets closed, the chance of “fakeout” strikes up or down was elevated due to thinner weekend volumes on crypto markets.

The geopolitical turmoil centered on Ukraine and occupier Russia fashioned the backdrop for continued cautious sentiment, amid considerations that Monday, specifically, may convey recent instability.

The Crypto Concern & Greed Index, whereas inching up in the direction of the tip of the week, remained within the low “concern” zone at 26/100.

Crypto Concern & Greed Index (screenshot). Supply:

A possible silver lining for Bitcoin bulls in the meantime got here from the weekly chart. With its current $34,300 low on the Ukraine invasion, BTC nonetheless managed to place in a higher low versus January’s $32,800 dip.

Ought to that maintain, dealer and analyst Rekt Capital believed, February’s comedown from $45,500 would almost certainly end up to have been a “crucial” consolidation transfer.


Mission Completed$BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) February 25, 2022

Macro markets in the meantime ended the week on a excessive, with vital rebounds for each European and U.S. indices.

The U.S. greenback, which had surged in energy as hostilities started, gave again most of its positive aspects, with the U.S. greenback forex index (DXY) returning to 96.5 from highs of 97.7.

U.S. greenback forex index (DXY) 1-hour candle chart. Supply: TradingView

LUNA leads high ten altcoins higher

Altcoins supplied a combined however nonetheless general sturdy image Saturday, main tokens led by Terra (LUNA), up nearly 50% in every week.

Associated: Price evaluation 2/25: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

With Bitcoin cooling, some late positive aspects had been nonetheless enjoying out, together with for XRP, which was 10.3% higher over the 24 hours to the time of writing.

Ether (ETH), the most important altcoin by market cap, traded above $2,750 on the again of 5.6% day by day positive aspects, having sought to problem $2,900 in a single day.

ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView

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