Bitcoin Keeps Falling
The geopolitical situation in the world over the past few days had a negative impact on all markets, including the cryptocurrency market. This week, most likely, there will be volatile movements of the Bitcoin (BTC) rate and other cryptocurrencies.
Some analysts predict that Bitcoin has bottomed out. But Cointelegraph contributor Marcel Pechman said derivatives data and ETH futures data remain inconclusive. He added that in the near future, the change in the price of Bitcoin will depend on the development of the Russian-Ukrainian war.
Although the bears are putting a lot of pressure, the bulls have not lost much ground. Bitcoin’s rebound from the Feb. 24 intraday low at $34,322 hit the Feb. 26 moving averages.
The moving averages are flattening and the relative strength index (RSI) is trying to rise to the middle, signalling the return of the bulls. If the bulls keep the price above the moving averages, BTC/USDT could grow to the upper resistance level at $45,821. This level is likely to attract strong selling from the bears.
Contrary to this assumption, if the price deviates from the moving averages, the pair could consolidate between $39,600 and $36,250 within a few days. A break and close below this support could open the doors for a possible drop to $32,900.
At the time of writing, Bitcoin is trading at $39,019, Ethereum at $2,768 and Solana at $88.67.