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Bitcoin Surges to $40,000 After Breaking Key Resistance

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Bitcoin Surges to $40,000 After Breaking Key Resistance

The fear of missing out (FOMO) was at its peak as the price for Bitcoin rose above $40,000. The cryptocurrency started a nervous weekend at around $39,000 on Feb 26 after a one-day spike briefly noticed USD 40,000 return to fame just a day ago.

After a day of high volatility, Bitcoin was relatively calm on Saturday. After trading as high at $40,330 over at Bitstamp, there are now signs that the market may be stabilizing for good this time around, with more positive news coming out from Cointelegraph Markets Pro and TradingView revealing calmer situations going forward into Sunday morning’s session.

Related Reading | Cryptocurrency Prices Soar On Possibility Of Russia-Ukraine Talks

The fakeout phenomenon played out in the crypto markets on Friday as well. As a result, the volume was thinner than usual over the weekend.

Geopolitical turmoil in Ukraine and Russia has created an atmosphere of continuing cautious sentiment amidst issues that may deliver contemporary instability on Monday.

This week, the Crypto Fear & Greed Index reached a new low, remaining within the 26/100 “concern” zone.

Russia-Ukraine war has caused a stir in the crypto-verse, with many traders worrying about how it may affect Bitcoin prices. However, for now, at least there seems to be some lightheartedness. We can see that even though Long Term Bears were victorious after their latest $34300 low was set versus February’s dip down into psychological territory ($32 800), trading volumes suggest an opportunity just might exist again soon enough.

Analysts Reviews On Bitcoin Move

The bear market may be over for now. In an interview with Rekt Capital analyst, February’s coming down from $45,500 will most likely end up being “a vital” consolidation period where traders try to get back into buying mode before things go south again.

Bitcoin trading near $40,000 | Source: BTC/USD Chart on Tradingview.com

The end of this week saw a significant recovery for both Europe and U.S., as macro markets showed some stability after yesterday’s turmoil in the Asia Pacific caused by China’s economic data announcement that came out late Friday night.

Related Reading | Battle Of The Hedges: How Gold And Bitcoin Have Performed With Russia-Ukraine Conflict

The U.S dollar surged in power as hostilities started to increase again. Most of its beneficial properties with the USD Forex index (DXY) returning after reaching a high level around 97.7%.

Top Trending Market Update

Saturday, the entire cryptocurrency market seemed to be in a good place. With leading coins led by Terra (LUNA) increasing about 50% over the past week.

Some late beneficial properties are still taking part in out, including for XRP. The coin was 10.3% higher over the 24 hours.

Ether is on the move! An essential altcoin by market cap, ETH traded above $2,750 again today with 5.6% growth every day. And seeking valuable territory above $3,000 for sure this time around.

Featured image from Pixabay, Chart from TradingView.com

* This article was originally published here

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