cryptocoin.com As we reported, demand for retracement of higher levels is ending the week as traditional markets make up for their losses. According to analysts, Bitcoin (BTC) is holding $40,000 in play at the Wall Street opening on February 25 after significant daily gains boosted bulls’ confidence.
“Whales are at the beginning of pricing BTC towards $40,000”
Data from TradingView showed BTC surrounding the $39,000 mark at the start of trading on Feb. Signals from the Russia-Ukraine conflict provided additional support, with the possibility of Ukrainian president Volodymyr Zelensky to bring up negotiations to end hostilities.
With $34,300 this week, optimism is slowly building up in a rematch with $40,000 resistance. The Material Indicators tracking resource highlights a chart that shows a recent flow of purchases from investors, both small and large:
Historically, this class has had the most direct correlation to the Bitcoin price. If BTC bulls can break past $41.5K, $45,000 could come into focus pretty quickly.
Meanwhile, popular trader and analyst Pentoshi revealed that he plans to wait for BTC to drop below $40,000 before mitigating risk.
However, there has been no overall change in the BTC price action paradigm, which remains sticking to a solid range, as he indicates on longer timeframes.
Rekt Capital: Bitcoin dominance rises even higher
Altcoins have moved in step with Bitcoin, providing some relief for struggling purse holders. Ten percent daily gains were usual, with the top ten cryptocurrencies by market cap led by Terra (LUNA), which rose 20% on the day to $65.40.
Ethereum (ETH) is still hovering around $2,700, down 5.7% from the same period last week. Here’s how trader and analyst Rekt Capital interprets a chart about Bitcoin’s market cap against altcoins:
This upward move towards the red level could extend into early March, but the dominance is still more upside.
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