Bitcoin prices have been struggling to regain ground for a while now. Just when it looked like prices were on an upward trend, news that Russian banks could no longer use SWIFT made the prices tank. It looks like the bears in charge and BTC is in the red.
Bitcoin briefly touched the $40,000 mark on Monday and slid again to a low of $38,606. The top cryptos had a mixed day as well. LUNA and AVAX rallied, with ETH following in their wake with decent market support. SOL, ADA and other cryptos struggled to maintain their levels.
That BTC’s Fear and Greed Index is at 26/100 should tell the story on its own. For those who are bullish on BTC, the index will have to touch 50/100 to see further investment. If it falls below 20/100, prices will go below the $30,000 level without any doubt. There is a strong correlation between BTC and the NASDAQ Mini 100 and this will continue to hold in this week.
The Russia-Ukraine conflict is putting a lot of pressure on crypto prices. Western countries are putting pressure on the Russian government by issuing sanctions, closing off air space and banning them from SWIFT. If BTC is not able to rally and breach the various support levels, there is no telling what will happen. Several tracking charts indicate that BTC prices have fallen below the 50-day EMA. The markets are definitely bearish for now and everyone is bracing for the worst.