From cryptocurrencyThe market is still in very uncertain territory due to the ever-rising tensions in Ukraine. Bitcoin (BTC) made a strong recovery last Thursday from the dip caused by Russia’s invasion of Ukraine, but that doesn’t mean we’re out of danger now. On Friday, the price remained a series of higher highs on higher lows but yesterday the momentum again weakened sharply.
Bitcoin price dips again
Saturday night settled the bitcoin price a lower low around $38,500, but was still able to get a higher high settle at around $39,850. Bitcoin initially held steady above $39,000 yesterday, but took a significant plunge toward the end of the evening. Bitcoin then briefly reached $37,400 after a fall of about 4.3%
Bitcoin has slowly started to recover slightly, but the resistance around USD 38,500 appears to be too strong this morning. Bitcoin is falling back to the one at $38,350 at the time of writing Binance and €34,350 on Battle.
More volatility is just around the corner
The fact that bitcoin made another dip last night is somewhat seen as a predictive factor for the rest of the financial markets. It shows that fear and uncertainty are still increasing.
Bitcoin Fear and Greed Index is 20. Extreme Fear
Current price: $37,576 pic.twitter.com/fpUnyj1yfs— Bitcoin Fear and Greed Index 🇺🇦 (@BitcoinFear) February 28, 2022
We therefore see a number of stock markets opening in the red this morning. The Russian ruble, meanwhile, has fallen to an all-time low. Gold and oil are rising cautiously. All eyes are currently on US stock market openings later today. They are mainly targeting the Moscow Exchange, or MOEX, which opens later than usual today.
📊 Global stocks are starting the week in the red yet again, with #SP500 futures down more than -2% as #war concerns loom. #Bitcoin has remained closely pegged to #equitiesas traders await a breakout sign. Pay close attention to this relationship. 👀 https://t.co/06MTkomsnw pic.twitter.com/mVpiBp4Q0x
– Santiment (@santimentfeed) February 28, 2022
There is a very good chance that we will see more volatility in the coming days. Nevertheless, the on-chain data for bitcoin still very bullish from. Not only are older investors holding onto their BTC tightly, but according to Glassnode, smaller wallets are now accumulating “aggressively” as well.
Most #Bitcoin wallet cohorts are now in net accumulation, with smaller holders being the most aggressive.
This heatmap presents the #Bitcoin accumulation score for each wallet cohort.
🟦 indicates entities are adding to their balance.
🟥 indicates entities are not accumulating. pic.twitter.com/sVp7SV6yHy— glassnode (@glassnode) February 28, 2022
Many analysts report that indicators are sending bullish signals and some analysts even anticipate that bitcoin is about to break out. However, keep in mind that macroeconomic developments are mainly leading the way at the moment.
#BTC Daily,
– 37.5K was where whales have been accumulating #BTC dips.
– So far So good and breakout soon expected. #BTC #Bitcoin pic.twitter.com/rKIRLkUXXE
– Minkyu Woo (Min) 🇰🇷🇹🇭 (@minkyutekken) February 28, 2022
Weekly summary of 63 #Bitcoin signals from top #onchain analysts.
COLOR CODE:🟩Buy 🟨Hold 🟥Sell
—> ✅In Green Value Zone
—> ⏰#BTC is 24.6% of cycle top
—> 🎯CYCLE TOP: $182,698
—> 🏹TLDR: Onchain reset nearly complete🙏#StandWithUkraine and give if you can. #NoWar pic.twitter.com/scA3DNwgh6
— 🇨🇦Binkie Pondarosa⚡️ (@BinkiePondarosa) February 27, 2022
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