Bitcoin (BTC) Most of the assets in the crypto markets, especially the price, rose after Russia agreed to sit down with the Ukrainian authorities. Bitcoin (BTC) was trading at $ 39,100 at the time of writing.
Bitcoin took a sharp turnaround and extended its gains until Friday. For now, selling pressure seems to have eased, meaning buyers can remain active in the $30,000 to $46,000 range.
BTC price surged above $38,000 after this reversal and is up 6% in the last 24 hours. Still, the cryptocurrency has dropped 2% in the last week, which means the recent bounce hasn’t changed its short-term downtrend.
“The whales made some massive trades as the bitcoin price dropped to $34,700 on Thursday’s news of the war. Santiment found the highest amount of BTC transactions of both $100,000 and more than $1 million since Jan 24, when prices rose +15% the following week.”
Price action on Thursday, according to DeMARK indicators, BTC priceIt triggered the first signs of bearish exhaustion, similar to what occurred on Jan. However, in bear markets, countertrend signals can be short or invalid depending on the status of longer-term momentum readings. Currently, the momentum remains negative on the weekly and monthly charts.
The immediate resistance is near $40,000 and it could be a resistance that could stop the current price bounce. There is a stronger resistance at $46,700, which limited any upside movement earlier this month.
“Altcoins are definitely thriving in an ongoing recovery effort by traders after war concerns stifled prices two days ago. As we enter the weekend, projects such as FTM, AAVE, GALA, ONE and CBG gained great momentum.”
crypto marketsBitcoin (BTC) underperforms many altcoins, proving that risk appetite has increased among investors. Compared to a 5% gain in XRP and a 10% increase in Terra’s LUNA token over the same period, BTC hasn’t risen much in the last 24 hours.
Price surge after months of bearish moves Terra (Luna) It was one of the biggest increases. Still, the price is down about 30% from December’s all-time high of $103. Earlier this week, Singapore-based nonprofit Luna Foundation Guard (LFG) announced that it will create a bitcoin-denominated reserve as an additional layer of security for Terra’s decentralized stablecoin, UST.
The overall cryptocurrency market cap stands at $1,798 trillion, while Bitcoin Dominance is 41.8%.
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.