The fear of missing out (FOMO) was at its peak when the price of Bitcoin broke above $40,000. The cryptocurrency started a jittery weekend around $39,000 on Feb. 26 after a one-day spike briefly noted $40,000 making a comeback just a day ago.
After a day of high volatility, Bitcoin was relatively quiet on Saturday. After trading as high as $40,330 on Bitstamp, there are now signs that the market might be stabilizing for good this time around, with more positive news coming from Cointelegraph Markets Pro and TradingView revealing calmer situations ahead of the Sunday morning session.
Related Reading | Cryptocurrency Prices Soar on Possibility of Russia-Ukraine Talks
The fakeout phenomenon also played out in the crypto markets on Friday. As a result, volume was lower than usual over the weekend.
Geopolitical turmoil in Ukraine and Russia has created an atmosphere of continued cautious sentiment amid issues that may bring contemporary instability on Monday.
This week, the Crypto Fear & Greed Index hit a new low, remaining within the 26/100 “concern” zone.
The war between Russia and Ukraine has caused a stir in the cryptoverse, with many traders worrying about how it may affect Bitcoin prices. For now, though, at least there seems to be some joy. We can see that even though the long-term bears were victorious after their latest low of $34,300 was set against February’s drop into psychological territory ($32,800), trading volumes suggest an opportunity could will exist again very soon.
Analyst Reviews on Bitcoin Movement
The bear market may be over for now. In an interview with Analyst at Rekt CapitalFebruary’s drop from $45,500 will most likely end up being a “vital” consolidation period as traders try to get back into buy mode before things take a turn for the worse.
Bitcoin trade close to $40,000 | Source: BTC/USD chart at Tradingview.com
The end of this week saw a significant recovery for both Europe and the US as macro markets showed some stability after yesterday’s turmoil in Asia Pacific caused by China’s economic data announcement made public on Friday. at night.
Related Reading | Battle Of The Hedges: How Gold And Bitcoin Have Performed In The Conflict Between Russia And Ukraine
The US dollar increased in power as hostilities began to rise again. Most of its beneficial properties with the USD Forex (DXY) index coming back after hitting a high around 97.7%.
Top Trend Market Update
On Saturday, the entire cryptocurrency market seemed to be in a good place. With leading coins led by Terra (LUNA) rising around 50% over the past week.
Some late beneficial properties are still up for grabs, including for XRP. The coin was 10.3% higher over the 24 hours.
Aether is on the move! An essential altcoin by market cap, ETH traded above $2,750 again today growing 5.6% every day. And looking for valuable territory above $3,000 for sure this time.
Featured image from Pixabay, chart from TradingView.com
This post Bitcoin surges to $40,000 after breaking through key resistance
was published first on https://www.newsbtc.com/news/bitcoin-surges-to-40000-after-breaking-key-resistance/