Bitcoin consolidates after $40K surge as analyst eyes weekly greater low for BTC mark

Bitcoin (BTC) began a apprehensive weekend at spherical $39,000 on Feb. 26 after an overnight spike temporarily saw $40,000 return.

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

Stocks beneficial properties nevertheless crypto “difficulty” pervades

Recordsdata from Cointelegraph Markets Knowledgeable and TradingView published calmer stipulations for BTC/USD Saturday after overnight volatility saw highs of $40,330 on Bitstamp.

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

The geopolitical turmoil centered on Ukraine and occupier Russia fashioned the backdrop for persisted cautious sentiment, amid concerns that Monday, in bid, may maybe maybe presumably maybe bring contemporary instability.

The Crypto Fear & Greed Index, while inching up in direction of the discontinue of the week, remained within the low “difficulty” zone at 26/100.

Crypto Fear & Greed Index (screenshot). Source: Different.me

A doable silver lining for Bitcoin bulls within the intervening time came from the weekly chart. With its most smartly-liked $34,300 low on the Ukraine invasion, BTC nonetheless managed to place within the next low versus January’s $32,800 dip.

Have to that serve, trader and analyst Rekt Capital believed, February’s comedown from $45,500 would in all likelihood prove to had been a “needed” consolidation switch.

— Rekt Capital (@rektcapital) February 25, 2022

Macro markets within the intervening time ended the week on a excessive, with valuable rebounds for both European and U.S. indices.

The U.S. greenback, which had surged in energy as hostilities began, gave reduction most of its beneficial properties, with the U.S. greenback currency index (DXY) returning to 96.5 from highs of 97.7.

U.S. greenback currency index (DXY) 1-hour candle chart. Source: TradingView

LUNA leads top ten altcoins greater

Altcoins offered a mixed nevertheless mild general sturdy characterize Saturday, main tokens led by Terra (LUNA), up nearly 50% in per week.

Related: Designate prognosis 2/25: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

With Bitcoin cooling, some slack beneficial properties had been mild taking half in out, including for XRP, which was 10.3% greater over the 24 hours to the time of writing.

Ether (ETH), the ideal altcoin by market cap, traded above $2,750 on the reduction of 5.6% each day beneficial properties, having sought to space $2,900 overnight.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

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