When we look at the markets in general, while the Russia-Ukraine war reacted on the side of the global commodity indices, aggressive selling prices were seen in the crypto money markets, and especially the increases in the exchange rates and the decline in the stock markets continued to price the effect of the war.
Gold and Brent Petroleum differentiated positively and received significant demand as a safe haven.
On the crypto side, bitcoin saw a hard sell, while most of the Ethereum and major altcoin pairs fell by about 10%.
So what levels can be effective if the process continues and the sale deepens?
With the emergence of the Russia-Ukraine crisis, the price is currently trying to hold on to the minor support level and has tested the lower region of the $35,000 level during the day, as the orientation towards risky asset investments has decreased.
In addition, when we look at the CryptoQuant data during the day, a certain amount of BTC output is observed from the bitfinex exchange.
When we go down to the lower time frame of 4 hours (low time frame), the possible support levels of 33,600, 30,600 and 29,300 dollars can be followed in the continuation of the decline in the trend direction.
As we have seen from the past price data, if it receives a reaction from the $28,000 and $30,000 region, a possible move to the trend region can be seen again. Otherwise, with the loss of this strategic support area and the subsequent increase in panic selling, retreats to the $24,000 region may be seen.
In addition to these, in terms of indicators, the price is moving below the moving averages and when we look at this data, there is a buy-side signal.
Considering all the data for now, it may be possible to see the reflections on the price of Bitcoin in parallel with the financial system balances in global markets to a certain stability and the disappearance of uncertainty.