Filip L.
FXStreet
Bitcoin (BTC) price was on the back foot over the weekend as, together with other cryptocurrencies, it was the only asset tradable on headlines and news coming out of Ukraine and Russia. As the headlines were not favourable, BTC shed some market value and slipped below $40,000. But following the announcement in the early hours of today, of a new summit between Putin and Biden, markets jumped, as it showed there is still room to talk and a diplomatic solution. Now BTC looks ready to book around 10% gains in the coming trading day..
Bitcoin price action fell on the back foot on Sunday after several leaders came out quite bearish on the situation between Russia and Ukraine during the Munich Safety Summit. But that sentiment shifted overnight after Macron and Putin came out saying that a cease-fire was in the making, and later a new summit was announced at which both Putin and Biden would be present. Expect this sigh of relief in the markets to continue throughout the day and see another acceleration once the US session kicks in.
Translated into BTC price action, this means a return to $39,780, near $40,000, erasing the error from Sunday and paring back some negative headlines. Once Bitcoin price pops up above $40,000 again, expect more room to open up towards $41,756, which was the baseline of the bearish triangle spotted last week (dotted blue lines). Bitcoin is set to book 10% of gains this week and show its resilience against geopolitical woes with that return.
BTC/USD daily chart
Risk to the downside remains, of course – especially if there is an escalation of the situation in the Donbass region of Ukraine as several reports came out over the weekend that shooting had intensified and more heavy artillery was being deployed. One fatal error such as hitting a civilian post, could easily trigger a spiral of violence and set markets back sharply, with BTC bulls being pushed against $38,073. A break below there would see another correction of around 4% towards $36,709, and start to flag major issues for Bitcoin from trading in correction territory.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Bitcoin (BTC) price was on the back foot over the weekend as, together with other cryptocurrencies, it was the only asset tradable on headlines and news coming out of Ukraine and Russia.
Litecoin price set a higher low as it dipped inside a demand zone, indicating that the bullish outlook is intact. Going forward, investors can expect LTC to climb higher as the crypto markets flip bullish.
Crypto.com recently rebranded its utility token CRO to Cronos as part of the chain's move to decentralize further. Despite the recent rebrand and the $2 million reward allocation for staking Crypto.com token, Cronos continued its downtrend.
Cardano continues to be one of the leading actively developed networks across blockchains. The network remains in third place in terms of the number of contributions. The Cardano ecosystem witnessed massive growth in its total value locked in decentralized finance.
Bitcoin price slips below the 50-day SMA as it eyes a retest of the $36,398 to $38,895 demand zone. Despite the crash, long-term investors are bullish as the supply of BTC on exchanges hits a three-year low. A breakdown of the $34,752 support level will invalidate the bullish thesis.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.