Digital Asset Insights #55 War Puts BTC Price to the Test
courtesy of trademakers
Bitcoin (BTC) commences an incipient week in the shadow of an incipient geopolitical conflict – what are the main hurdles that investors face?
In the early hours of Monday, 21 February 2022, Bitcoin plunged below $40,000 and proceeded to backpedal in the face of escalating tensions on the Ukraine-Russia border. The world’s most popular cryptocurrency traded near $38,700, which is 3.4% deep in 24 hours and the lowest since February 3.
On Tuesday, Bitcoin resumed selling pressure as it risked a decline below 37K. BTC/USD faced rejection at the $39,000 resistance zone. It made an upward correction towards the $39,000 resistance zone only to consolidate above the $37,000 support.
On Wednesday, Bitcoin entered the green zone after U.S. President Joe Biden revealed new sanctions meant to cut off Russia from western finance. The leading cryptocurrency was up by 3.66% in 24 hours to hit $38,151 during intraday trading according to Coinmarketcap.
On 24 February, Bitcoin failed to clear the $39,500 resistance zone against the US Dollar. The price traded below $38,500 and the 100 hourly simple moving average. There was a break below a key rising channel with support near $38,250 on the hourly chart of the BTC/USD pair. It ended the day as the price dropped towards $35k in a vicious 10% red candle in response to Russia’s decision to invade Ukraine after Putin’s call for military operation.
However, on 25 February. The BTC market was painted in green as the major coins chart double-digit gains in less than 24 hours. It was up over 10% trading above $39,000 and gained momentum towards the major psychological level of $40k.
As the week closed, Bitcoin price plunged below $40,000 once again, marking $38,592. It struggled to maintain the $39,000 level, and analysts speculate that if the coin follows the downward trend as the Relative Strength Index (14) remains below the 50-level, the next support may likely come at $35,000, $33,000, and $31,000.
On 22 February 2022, Ethereum started a major decline below the $2,800 support level. The price traded below $2,700 and the 100 hourly simple moving average. A key bearish trend line formed with resistance near $2,700 on the hourly chart of ETH/USD. There were additional losses below the $2,650 support and even declined below $2550. A low formed near $2,511 before the price began to consolidate its losses.
On 24 February, Ethereum attempted an upside break above the $2,750 level but failed. ETH faced a strong selling interest, resulting in a sharp decline below the $2,650 level. Ether price nosedived and even broke the $2,420 support and the price settled below the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $2,680 on the hourly chart of ETH/USD.
At the close of the week, ETH/USD price rallies below $3,000. It traded between $2,872 and $2,730 at a minute negative percentage rate of 0.81% on Saturday, 26 February 2022.
THE RIPPLE (XRP)
On 22 February 2022, the Ripple (XRP) collapsed more than 10% as bears threatened a push below $0.70. The Ripple price was down by 2.52% as the market value went below the support level of $0.80. The coin slide below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index heads to the downside,
The price rose from a low of $0.70 to hit a high of $0.74 during the February 23 operations at a minute positive percentage of 0.58. On Thursday, the Ripple price faced south as further downside declined towards the critical support level at $0.60. it exchanged hands-on on 24 February at $0.65.
On February 25, the Ripple price prediction showed that XRP was rising with a gain of 2.20% in 24 hours as it rose above the $0.70 level. XRP/USD traded above the resistance level of $0.70 with the potential to break higher.
At the close of the week, XRP price closed the week between 4% and 6% down from the open though still within the range of the prior week’s open. It opened the week at $0.78 and closed at $0.75, a strong psychological level.
On February 22, Cardano positioned itself among the rapidly growing blockchain networks by 24 hours transaction volume, surpassing Ethereum and threatening to surpass Bitcoin. Along with this demand, however, is its soaring price. The total number of transactions on Cardano had increased at around 500%, skyrocketing from 5.5million in March last year to around 32 million this month, according to Google’s Cardano Blockchain Insights. It was listed on the No. 7 spot in CoinMarketCap’s rankings of the leading cryptocurrencies. It traded at $0.871949 on Monday. However, it lost around 2% of its gains within the next 24 hours and it was still far away from overcoming its all-time high of $3.09 which was its price in early September of last year.
On Thursday, ADA plunged below key support but the Cardano native token was able to recover quickly. Moreover, in the last 7 days, the price of Cardano has fallen by 5.30%. The price declined by 2.69% in the last 24 hours but grew by 0.47% at the opening of the new week. It is currently being exchanged at $0.8843 at 71.47 below the all-time high of $3.41.
At the opening of the week, Solana’s price continued to face extensive weakness and selling pressure as it struggled to hold the $80 value area. Selling pressure and the daily close for Monday terminated right on top of the 161.8% retracement at $82.25. On 22 February, Solana’s price bounced off the $65.91 to $82.00 demand zone, hinting at a 40% upswing. The continuation of this momentum seems plausible shortly.
In the last 7 days, the price of Solana has risen by 1.03%. Going into the new week, the price declined by 0.89% in 24 hours but grew by 0.68& in the earliest hour of the new week. The current price is $90.27 per SOL. Solana is 65.29% below the all-time high of $260.06.
Avalanche price plummeted by 3.01% in the last 7 days. The price declined by 8.10% at the close of the week at it sells for $74.96 per AVAX which is still 48.73 below the all-time high of $146.22.
On Monday, Binance Coin price faced some selling pressure as it set to break its downtrend since December, but price action faded on Tuesday, and bears sprang a bull trap. BNB sees bulls climbing out of the ditch after a positive open across the board in ASIA PAC and European indices. It was speculated that it could hit $452 by the end of the week, bringing about 10% gains to portfolios.
On Friday, Binance Coin price retested the declining trend line for the fourth time since December 28, 2021. It consolidated under a declining resistance level and a support level at $407.7. On Friday, it hung by a thread at the critical psychological and technical support at $400 and went down about 3.3% during the same time. In the wake of Sunday, February 13, the coin was exchanging hands at $403.80 with a 0.34% increase from the previous day.
KEEP NETWORK PRICE (KEEP)
The price of Keep Network has risen by 37.45% in the last 7 days. The price increased by 21.04% at the close of the week but shrunk by 1.58% at the earliest hour of the new week. The current price is $0.8054 per keep and it is 99.73 below the all-time high of $296.45.
Digital Asset Insights #55
War Puts BTC Price to the Test
appeared first on JP Fund Services.
The post Digital Asset Insights #55 War Puts BTC Price to the Test first appeared on trademakers.
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