Early in the morning, after the news that Putin announced the launch of a military operation against Ukraine, the activity that started in the Asian markets quickly affected the crypto markets as well. The news of hearing the sounds of explosions in the capital Kiev intensified the events. After all this bad news Bitcoin (BTC) price It fell below $35,000.
Bitcoin Price Drops As Tension Rises
Bitcoin (BTC) The price saw a sharp drop after Russian President Vladimir Putin officially declared a “special military operation” to complete the “disarmation” of Ukraine.
Tensions escalated when media outlets also broadcast news that explosions were heard in the capital, Kiev, after Putin declared war on Ukraine. A series of explosions were also reported in the city of Kharkov, about 480 km east of the Ukrainian capital.
The total value of the cryptocurrency markets has dropped nearly 5% over the past 24 hours. US stocks fell 1.38% above the Dow Jones Industrial Average.
Bitcoin price has dropped 7% over the past 12 hours to below $35,000, dropping below the lower bound of the symmetrical triangle pattern to $36,673, and a 32% drop on the radar to $25,039.
Bitcoin price could drop to the nearest support level at the January 22 low of $34,056 before falling to the June 27 low of $31,973.
Additional support levels could emerge from the June 26 low of $30.151 before it reaches the 127.2% Fibonacci extension level of $27.652.
However, if an increase in buying pressure occurs, Bitcoin bulls may attempt to reach the lower boundary of the prevailing chart pattern at $36,930, which coincides with the next 78.6% Fibonacci retracement level.
Greater prospects will target the 50-day Simple Moving Average (SMA) next at $40,138.
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.