The fast-moving volatility that the cryptocurrency market is thought for reared its ugly head on Feb. 17 as ongoing tensions between Russia and Ukraineand the remainder of the worldwalloped monetary markets round and briefly plunged Bitcoin worth beneath the $41,000 stage.
Knowledge from Cointelegraph Markets Professional and TradingView exhibits that the crypto market was hit with a wave of promoting starting close to noon on Feb. 17 that dropped BTC to a every day low of $40,743 earlier than bulls bid the worth again above $41,000.
Right here’s a have a look at what merchants out there are saying in regards to the worth dip for Bitcoin and what it means within the largeer scheme of issues as international tensions ramp up.
Bearish till $50,000
The sudden pullback in BTC has taken the bullish perspective off the desk for unbiased market analyst Michaël van de Poppe, who posted the next chart highlighting the areas BTC wanted to interrupt by to assist his bullish case.
Based mostly on the crimson field highlighted by van de Poppe, Bitcoin would want a transparent breakout above $50,000 to flip the bias towards bulls.
van de Poppe stated,
“Nothing actually modified. This one remains to be the one I am for Bitcoin during which I would choose to see a break of this weekly order block. If that does not occur, then I am not bullish.”
BTC worth revered a key stage
Proof that even skilled merchants will be caught off guard by sharp strikes got here from “Pentoshi,” a pseudonymous Twitter consumer who posted the next chart and famous that some latest BTC purchases now seem to have been untimely.
Pentoshi stated,
“Regardless of all of the bullish propaganda, worth nonetheless revered the degrees. Bullas on life assist right here. I’ll nonetheless commerce the extent w/ reclaim however know the draw back threat is excessive.”
Ukraine’s up to date crypto invoice kicks one ministry out as regulator
Purchase the rumor and promote the information?
A closing little bit of perspective on what merchants ought to bear in mind throughout instances like these was supplied by choices dealer and pseudonymous Twitter consumer John Wick, who posted the next tweet addressing considerations relating to rising U.S. rates of interest and the state of affairs between Russia and Ukraine.
It’s not in regards to the information however how the markets react and soak up the information.
Russia and price hikes are the variables.
We must simply wait and see how it’s all absorbed. Most information is overhyped and might ultimately be light.
— John Wick (@ZeroHedge_) February 17, 2022
The general cryptocurrency market cap now stands at $1.867 trillion and Bitcoin’s dominance price is 41.8%.
The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your personal analysis when making a call.
