Geopolitical turmoil in Ukraine and Russia has kept a cautious mood amid challenges that could result in ongoing instability on Monday. The Crypto Fear & Greed Index hit a new low this week, remaining in the 26/100 “concern” zone.
BTC price action
As the price of Bitcoin broke above $40,000, the fear of missing out (FOMO) was at an all time high. After a one-day surge temporarily noted a return to $40,000 prominence just a day ago, the cryptocurrency kicked off an anxious weekend around $39,000 on Feb. 26.
Bitcoin was relatively quiet on Saturday after a day of extreme volatility. After reaching a high of $40,330 on Bitstamp, there are now signs that the market is finally normalizing.
What will the investment trend be like?
As crypto markets react to global geopolitical turmoil, veteran trader Tone Vays outlines what has to happen for top digital asset Bitcoin (BTC) to turn bullish.
The analyst informs his YouTube subscribers in a new strategy session that the leading crypto asset by market size has been setting lower highs and lower lows for the past three months.
BTC’s course will not reverse, according to Vays, until its weekly chart crosses both its short-term moving average and the previous high reached during the last Bitcoin trade on Feb. 10.
He says that the weekly chart must break above the short-term moving average as well as the previous high of $44,000. We’ve been in a three-month trend of [setting] lower highs and lower lows until it does. The analyst is not going to be bullish on Bitcoin until this pattern is broken.
Vays anticipated that Bitcoin would eventually break out of the triangle and print new all-time highs earlier this week.
He says that Bitcoin will eventually break above this double top and break above the double top with a vengeance in a world of inflation and totalitarian governments taking your money. The longer Bitcoin is depressed below $65,000, the more severe the uptrend will be.
This post Bitcoin has to change this level to turn bullish! Will the (BTC) price hit $45 this week? ￼ – Coinpedia – Fintech & Cryptocurrency News Media
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