Bitcoin can’t beat the resistance at the $40K level with the dark week looming for macro markets while the weekend succeeds in providing respite for the traders so let’s find out more today in our latest Bitcoin news.
BTC faced down $40,000 with hopes for the weekly close hinging to avoid the fourth red monthly candle in a row with tensions mounting for TradFi markets open. The data from TradingView shows BTC/USD making a few attempts to break out the $30,000 and the $40,000 corridor all of which ended in rejection. The pair stayed higher over the weekend and cut traders some slack after a week of volatility at the hands of geopolitics and the media news. Now the $38,500 was the level to watch for BTC and close out the week but failing to do so means a fourth straight monthly red candle.
#Bitcoin has less than 36 hours to close above $38.5k in order to break the streak and avoid having 4 straight red monthly candles 🚨 https://t.co/PX45GlOLrZ
— Matthew Hyland (@MatthewHyland_) February 27, 2022
The bulls were spared a lower low a week ago despite the downside move on the Ukraine invasion and bottomed near $34,300 versus $32,800 according to analyst and trader Pentoshi continued:
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“Cautiously optimistic this is a short to mid-term bottom for BTC.I pulled my 40.3k orders (not great) and will focus higher to 41.6k for de-risking. Must flip that and there’s some pretty decent upside. I am still cautious bc the macro landscape imo is anything but bullish.”
The macro landscape was poised to deliver a new wave of uncertainty on the Monday open thanks to the moves by the West to cut out the Russian banks from the SWIFT payment system. Mentioning Russia’s nuclear deterrent by Vladimir Putin ruffled some feathers over the weekend with both Ukraine and Russia starting negotiations on the Belarusian border on Sunday. Bitcoin can’t beat resistance levels at $40K but for the BTC proponents, the potential knock-on impact of the financial sanctions and the crypto’s status as a neutral network for the value transfer starts to take center stage. Former Coinbase CTO Balaji Srinivasan explained:
“Still processing the implications. This is a financial neutron bomb. Bankrupts people without blowing up buildings. Hits all 145M Russians at once, every ruble holder. In a maximalist scenario, possible collapse of the Russian economy.”
What does it mean for USD & SWIFT if *both* sides of the conflict opt into #Bitcoin for its superior features?
Answer: It means all countries & institutions better buy up as much #Bitcoin as they possibly can now b4 their financial platform gets obsoleted.
— Jason Lowery (@JasonPLowery) February 26, 2022
Ukraine started accepting donations for the army in BTC, ETH, and USDT, and the wallets recieved over 91 BTC as well as $5.02 million in ETH as well as $1 million in USDT.
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