Bitcoin Price Analysis: BTC/USD sellers approach $36,300 on Russia-Ukraine crisis – FXStreet

Anil Panchal Anil Panchal

BTC/USD seesaws around $36,700 during the late Sunday’s trading, after declining for three consecutive weeks in the last.
In doing so, the Bitcoin pair makes rounds to the 61.8% Fibonacci retracement (Fibo.) of the quote’s upside from late January to February 10.
However, 50-SMA’s downside break of the 200-SMA, known as a bear cross, joins the downbeat RSI line and bearish MACD signals to hint at the crypto major’s further downside.
That said, three-week-old horizontal support around $36,300 may restrict the BTC/USD pair’s immediate downside ahead of an upward sloping trend line from January 24, near $34,500 by the press time.
Following that, the late January low near $32,950 will be in focus.
Alternatively, recovery moves need to provide a decisive break above the 200-SMA level of $40,043 to push back the short-term sellers.
Even so, BTC/USD bulls will remain cautious until the pair stays below a descending trend line from February 10, close to $42,000 by the press time.
Read: Risk-off start to week: Russia's Putin puts nuclear deterrence forces on high alert

Trend: Further weakness eyed

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BTC/USD stays pressured around short-term key support after three-week downtrend. Bear cross, downbeat oscillators keep sellers hopeful around 61.8% Fibonacci retracement level. Five-week-old ascending trend line support may test the bears nearby horizontal line.
BTC suffered a fatal crash to a crucial support level after news of Russia attacking Ukraine spread. This downswing caused the crypto market to crumble, but the recovery seems to be going well and suggests that BTC could be due for a relief rally.
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