Bitcoin Surges to $40,000 After Breaking Key Resistance
February 26 2022 - 03:29PM
NEWSBTC
The fear of missing out (FOMO) was at its peak as the price for
Bitcoin rose above $40,000. The cryptocurrency started a nervous
weekend at around $39,000 on Feb 26 after a one-day spike briefly
noticed USD 40,000 return to fame just a day ago. After a day of
high volatility, Bitcoin was relatively calm on Saturday. After
trading as high at $40,330 over at Bitstamp, there are now signs
that the market may be stabilizing for good this time around, with
more positive news coming out from Cointelegraph Markets Pro and
TradingView revealing calmer situations going forward into Sunday
morning’s session. Related Reading | Cryptocurrency Prices Soar On
Possibility Of Russia-Ukraine Talks The fakeout phenomenon played
out in the crypto markets on Friday as well. As a result, the
volume was thinner than usual over the weekend. Geopolitical
turmoil in Ukraine and Russia has created an atmosphere of
continuing cautious sentiment amidst issues that may deliver
contemporary instability on Monday. This week, the Crypto Fear
& Greed Index reached a new low, remaining within the 26/100
“concern” zone. Russia-Ukraine war has caused a stir in the
crypto-verse, with many traders worrying about how it may affect
Bitcoin prices. However, for now, at least there seems to be some
lightheartedness. We can see that even though Long Term Bears were
victorious after their latest $34300 low was set versus February’s
dip down into psychological territory ($32 800), trading volumes
suggest an opportunity just might exist again soon enough. Analysts
Reviews On Bitcoin Move The bear market may be over for now. In an
interview with Rekt Capital analyst, February’s coming down from
$45,500 will most likely end up being “a vital” consolidation
period where traders try to get back into buying mode before things
go south again. The end of this week saw a significant recovery for
both Europe and U.S., as macro markets showed some stability after
yesterday’s turmoil in the Asia Pacific caused by China’s economic
data announcement that came out late Friday night. Related Reading
| Battle Of The Hedges: How Gold And Bitcoin Have Performed With
Russia-Ukraine Conflict The U.S dollar surged in power as
hostilities started to increase again. Most of its beneficial
properties with the USD Forex index (DXY) returning after reaching
a high level around 97.7%. Top Trending Market Update Saturday, the
entire cryptocurrency market seemed to be in a good place. With
leading coins led by Terra (LUNA) increasing about 50% over the
past week. Some late beneficial properties are still taking part in
out, including for XRP. The coin was 10.3% higher over the 24
hours. Ether is on the move! An essential altcoin by market cap,
ETH traded above $2,750 again today with 5.6% growth every day. And
seeking valuable territory above $3,000 for sure this time around.
Featured image from Pixabay, Chart from TradingView.com
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