Bitcoin (BTC) The price saw bulls attempt to climb above $43,000 earlier this month but failed as price action took some profit in the last trading hours. The rollover of the trading session to the ASIA PAC resulted in a short bearish, which offered the bulls a window of opportunity to regroup.
As the situation in the global market and in Ukraine stabilizes, investors are trying to take advantage of this sense of relief and profit from it, as the BTC price is raised to $44,088 in this spirit.
The S&P 500 was a pretty weak elopement on Tuesday, with investors returning with interest and cash on risky assets like stocks and cryptocurrencies. Current positive sentiments as it turns into a tailwind that extends price action above $41,756. bitcoin price On Tuesday, it registered a very strong rise. It is actually quite normal to see several corrective moves following such a bullish day and in the meantime will present a window of opportunity to revert as the Relative Strength Index (RSI) still has some place to go before it is labeled ‘overbought’.
Bitcoin price is actually showing a pretty good upward movement at a level that dates back to August 6, 2021. This level will target $44,088. Last week, BTC price managed to rise before a real test at the 55-day SMA level. With these supportive elements added to the current bullish momentum, investors will try to participate in this move that will rise above $44,000 to be a part of this price action.
Joe BidenWith the visit of G7, NATO and EU leaders in Brussels on Wednesday and Thursday, there is a possibility of hot developments. The in-person presence of the US President at these meetings keeps expectations relatively high for at least a new round of sanctions and even a larger coordinated embargo backed by all the above entities.
Markets will need to reassess the financial impact and ramifications on inflation and other macroeconomic metrics that could trigger a correction in cryptocurrencies and lead Bitcoin to drop by $39,780.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.