Bitcoin consolidates after $40K surge as analyst eyes weekly higher low for BTC price


Bitcoin (BTC) started a nervous weekend at round $39,000 on Feb. 26 after an in a single day spike briefly noticed $40,000 return.

e1fceb25 0655 492a b64c 5c0da8fcf4f2
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Shares features however crypto “worry” pervades

Knowledge from Cointelegraph Markets Professional and TradingView revealed calmer situations for BTC/USD Saturday after in a single day volatility noticed highs of $40,330 on Bitstamp.

With conventional markets closed, the likelihood of “fakeout” strikes up or down was elevated due to thinner weekend volumes on crypto markets.

The geopolitical turmoil targeted on Ukraine and occupier Russia shaped the backdrop for continued cautious sentiment, amid issues that Monday, specifically, might carry recent instability.

The Crypto Worry & Greed Index, whereas inching up in the direction of the tip of the week, remained within the low “worry” zone at 26/100.

a1fd1584 7888 40a5 a6c0 d640cf4c3808

Crypto Worry & Greed Index (screenshot). Supply: Different.me

A possible silver lining for Bitcoin bulls in the meantime got here from the weekly chart. With its latest $34,300 low on the Ukraine invasion, BTC nonetheless managed to place in a better low versus January’s $32,800 dip.

Ought to that maintain, dealer and analyst Rekt Capital believed, February’s comedown from $45,500 would almost certainly end up to have been a “crucial” consolidation transfer.

Macro markets in the meantime ended the week on a excessive, with important rebounds for each European and U.S. indices.

The U.S. greenback, which had surged in power as hostilities started, gave again most of its features, with the U.S. greenback foreign money index (DXY) returning to 96.5 from highs of 97.7.

a28caf52 c14d 42bd 98be 33734fc5a3e7
U.S. greenback foreign money index (DXY) 1-hour candle chart. Supply: TradingView

LUNA leads prime ten altcoins increased

Altcoins supplied a blended however nonetheless total robust image Saturday, main tokens led by Terra (LUNA), up virtually 50% in per week.

Associated: Value evaluation 2/25: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

With Bitcoin cooling, some late features have been nonetheless taking part in out, together with for XRP, which was 10.3% increased over the 24 hours to the time of writing.

Ether (ETH), the most important altcoin by market cap, traded above $2,750 on the again of 5.6% each day features, having sought to problem $2,900 in a single day.

4172520d ea9c 4ac4 aa4f fb11c0a9aef7
ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView