Call it a panic attack or a much-needed correction, stock markets around the world have started to tank. This is in large part due to the hostile actions by Russia towards Ukraine. Avalanche led the downward trend on Sunday, February 28th and the rest of the crypto market followed suit. Attribute this to the rising risks of current geopolitics, the most critical driver.
Bitcoin prices were down for the 2nd day in a row to drop to a low of $37,040 before stabilizing. BTC ended the week with a price of $37,704, down 3.66%. Other cryptos didn’t fare much better. For BTC to end up in a bull market scenario, the index will have to go back up to 50/100 and touch the $50,000 level. If the market falls to the 20/100 or below, BTC prices will reflect this change and prices will under $30,000.
News reports of Russia putting its nuclear troops on alert and the sanctions by the West levied against Russia dragged the markets down. The EU also announced that it would facilitate the purchase of arms and delivery to the country which is under attack. Not only that, the EU and many other countries closed their airspace so that Russian aircraft don’t have passage.
Bitcoin will have to reach the $38,202 level and push through set resistance levels to touch $39,364. If an extended rally does occur, BTC would have to move through two resistance levels to touch $43,000. Investors and market watchers will watch for updates on the Russia-Ukraine front. Further Russian escalation will be a deciding factor for the entire crypto market. The White House is also expected to make an announcement about regulations on crypto.