bitcoin and other cryptocurrency prices soared as Russian and Ukrainian officials were likely to meet to negotiate. Analysts evaluated the latest situation for BTC.
At the time of this writing, Bitcoin is trading at $39,040.
Bitcoin’s Leap Sees Resistance at $40,000
Bitcoin price draws attention with its sharp reversal and rise in recent days. Analysis company Santiment made the following comment on the subject:
“Some whales made really huge BTC transactions when the bitcoin price dropped to $34,700 on Thursday with the news of the war and bottomed out. BTC transactions above both $100,000 and $1 million hit their highest level since Jan. When a similar situation occurred on January 24, BTC gained 15% in the following week.”
🐳 Ace #Bitcoin prices bottomed out at $34.7k with Thursday’s war news, whales have made some MASSIVE transactions. This has been the largest amount of both $100k+ and $1m+ $BTC transactions since Jan. 24th, when prices jumped +15% the week following. 📈https://t.co/gpyqFS9UGi pic.twitter.com/laeSxeHUXV
— Santiment (@santimentfeed) February 25, 2022
Thursday’s price action triggered signs of bearish fatigue, similar to January 24, according to DeMARK indicators, according to Santiment.
The situation on January 24 brought a 30% increase in total. Despite this, analysts noted that countertrend signals in bear markets can be short and inaccurate due to long-term momentum.
Currently, the momentum for Bitcoin price remains negative on weekly and monthly charts, according to analysts.
“These Projects in Altcoins Are on the Rise”
Santiment stated that the closest resistance point is located at $ 40,000 and this level may prevent the jump. In addition, the $46,700 level, which was resistance earlier this month, could be strengthened further, according to the company.
Santiment continued:
“Altcoins It continues its recovery efforts after war worries drove prices down three days ago. Coming into the weekend FTM, AAVE, PREMIERE, WHAT’S THAT and CBG projects such as these showed a great rise.”
🚀 #altcoins have been absolutely thriving on a continued recovery effort by traders after #war concerns suppressed prices two days ago. Heading into the weekend, projects like $FTM, $AAVE, $GALA, $ONEand $CBG have fired upwards in a big way. https://t.co/xOgbUvXuXY pic.twitter.com/xSO0gUkwY5
— Santiment (@santimentfeed) February 26, 2022
*Not investment advice.