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Saturday, August 6, 2022

Bitcoin Price Fails To Beat Resistance At $40K

The price of Bitcoin went down by $40,000 on the 27th of February, as hopes for the weekly close were precariously hinged on the red monthly candle. According to data received from TradingView and Cointelegraph Markets Pro, it was understood that the BTC exchange was making several attempts to come out of the $30,000 – $40,000 on Sunday.

Most of it ended in complete and utter rejection. Interestingly, the pair did stay higher throughout the weekend, it did cut through the slack of the traders after a week of intense volatility due to media headlines and geopolitics.

Tensions Mount for Bitcoin Markets To Open 

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As of now, the price resistance of $38,500 has been considered the level to look out for Bitcoin as it would close out through the week and also the month- a complete failure to do so would mean a fourth straight monthly red candle. As reported by Cointelegraph, most bulls would be spared a far lower low the previous week, despite the downside move on the Ukraine invasion, as it bottomed out at $34,300- a direct contrast of $32,800 in January. 

Pentoshi, a famous analyst and trader, stated that the current situation for Bitcoin would be to advance in a cautious manner. The trader further stated that he had pulled out his 40.3K orders and will further focus on a higher amount of 41.6K for de-risking. One needs to flip that on its head to enjoy some pretty decent upside. Caution needs to be exercised for the macro landscape is quite bullish. 

For the proponents of Bitcoin, the potential knock-on impact of sanctions imposed on most Russian financial institutions has taken center stage. This also comes coupled with the cryptocurrency status as a neutral network for value transfer.

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