Bitcoin (BTC) rallied to $38,000 when Wall Street opened on Feb. 22 amid a tense atmosphere over geopolitical instability.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin tiptoes around signs macro

Data from Cointelegraph Markets Pro and TradingView showed an eerily quiet start to the first Wall Street session of the week for both stocks and cryptocurrencies.

Fears of a dramatic bout of volatility accompanying the opening thanks to Russian President Vladimir Putin’s February 21 announcement that he would recognize two breakaway republics in eastern Ukraine had been high.

It was also assumed that the sanctions, still being announced at the time of writing, were about to stoke the fire, but there was little movement that day.

The S&P 500 was virtually flat thirty minutes after trading began, leaving Russian markets the biggest losers and gold the notable winner..

“I think we are going to open in the red and then immediately bounce into risk assets and have a slight correction in gold,” Cointelegraph contributor Michaël van de Poppe previously said. forecast.

Meanwhile, trader and analyst Scott Melker turned his attention to the potential for the Russia-Ukraine debacle to influence US Federal Reserve policy.

According to banking giant JPMorgan, the effect of a possible conflict could cause the Fed to abandon the veracity of its planned interest rate increases for this year.

According to a note published on February 22 cited by various media outlets, JPMorgan analysts believe that the trigger for a Fed rethink would come in the form of increases in commodity prices.

“Russia-Ukraine tension is a downside risk to corporate America, but an energy price shock amid an aggressive inflation-focused central bank pivot could further dent investor confidence and growth prospects,” they wrote.

Meanwhile, the sanctions remained in full economic retaliation, with Russia’s two largest state-owned banks, Sberbank and VTB, left untouched.

Traders Take Bitcoin Recovery Step by Step

Meanwhile, looking ahead on Bitcoin, popular trader Anbessa avoided calm as BTC/USD met expectations without a significant trend violation.

Related: Bitcoin Mayer Multiple Returns To July 2021 Levels In New Signal $37K BTC Is A Long Term Buy

A potential support/resistance flip near $37,700 was on the cards, he said, and this is expected to become a major feature for the higher time frame chart going forward.

However, as Cointelegraph reported, Bitcoin and altcoins remain under the radar for most mainstream consumers, with most high-volume institutional players and whales holding a significant stake.

“Yes we are bleeding new users but we still have a lot of dilution and retail exits. No recovery. Maybe for BTC. But not much more on the risk curve,” trader Pentoshi said. aggregate in his own discussion of the macro environment.

This post Bitcoin Surpasses $38K as Wall Street Opens to Strange Calm Over Russia Sanctions

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