Bitcoin Rises To $40,000 After Breaking Key Resistance
The fear of missing out (FOMO) was at its peak when the price for Bitcoin surged above $40,000. The cryptocurrency kicked off a nervous weekend at around $39,000 on Feb. 26 after a one-day spike briefly saw $40,000 rise to fame a day ago.
After a day of high volatility, Bitcoin was relatively quiet on Saturday. After trading as high as $40,330 at Bitstamp, there are now signs that the market may stabilize for good this time around, with more positive news from Cointelegraph Markets Pro and Trading Display revealing calmer situations leading up to Sunday morning’s session.
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The fake phenomenon also played out in the crypto markets on Friday. As a result, volume was thinner than usual over the weekend.
Geopolitical turmoil in Ukraine and Russia has fueled an atmosphere of lingering cautious sentiment amid issues that could fuel modern-day instability on Monday.
This week, the Crypto Fear & Greed Index hit a new low and stayed within the 26/100 “worry” zone.
The war between Russia and Ukraine has caused a stir in the crypto verse, with many traders worried about how it could affect Bitcoin prices. For now, though, there seems to be some lightheartedness. We can see that while Long Term Bears triumphed after establishing their latest low of $34300 from February’s dip in psychological territory ($32,800), trading volumes suggest that another opportunity could be coming soon enough.
Analyst Reviews about Bitcoin Move
The bear market may be over for now. In an interview with Rekt Capital analystFebruary’s drop of $45,500 will most likely become a “critical” consolidation period as traders try to get back into buy mode before things head south again.
Bitcoin trading near $40,000 | Source: BTC/USD chart on Tradingview.com
There was a significant recovery for both Europe and the US towards the end of this week as macro markets showed some stability after yesterday’s turmoil in the Asia-Pacific triggered by the announcement of Chinese economic data released late Friday night. .
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The US dollar gained strength as hostilities resumed. Most of its favorable features with the USD Forex Index (DXY) rebounding after reaching a high level around 97.7%.
Top Trending Market Update
On Saturday, the entire cryptocurrency market seemed to be in a good place. With leading coins led by Terra (LUNA) up around 50% in the past week.
Some late favorable traits still count, including for XRP. The coin was up 10.3% in the 24 hours.
Ether is on the move! ETH, an essential altcoin by market cap, traded again above USD 2,750 today, growing 5.6% each day. And this time definitely looking for valuable territory above $3,000.
Featured image from Pixabay, chart from TradingView.com