Sunday, May 26, 2024

Market Watch Feb 19: Week of macroeconomic tensions, Bitcoin sticks to $40k

After a mid-week spike, bitcoin took a plunge as it neared the week-end. The crypto market has given in to the macroeconomic and geopolitical tensions. Over the years, analysts have highlighted that innovative geopolitical risk index exerts negative impacts on bitcoin markets.

However, investors believe the worst is behind with enthusiasts saying the network growth is what matters in the long run. At the time of writing this article, bitcoin was down by 1.27% in the past 24-hours and trading at $40,241, as per data from CoinMarketCap. Bitcoiners are hopeful for the popular crypto to get close to $42,500 to complete an ideal bullish Ichimoku breakout. But all eyes are on the $40,000 mark as critical support level is being tested. Its likely that BTC price will see a gradual rise to the bullish breakout entry zone.

Jurrien Timmer, director of global marco at Fidelity, said bitcoin has been in a turbulent trading range for nearly a year now. BTC has been bouncing between $30,000 and $65,000 mark. Besides the price, Timmer believes that bitcoin should be regarded for its network. He said that the direction of the demand curve should matter. The answer continues to be up and to the right.

Ethereum after crossing the crucial $3,000 mark has once again found itself in choppy waters. The world’s second most popular cryptocurrency has lost nearly 3% in the past 24-hours and is holding onto the $2,814 mark. Analysts underline that its gains was limited by a powerful resistance cluster between $3,000 and $3,200. Ether’s downside risks are limited between $2,900 and $3,000. But as per the CoinMarketData, it is trading at $2,814.

During the weekend, Ethereum’s price is likely to shift upward to a range between$3,100 and $3,300. However, the Fibonacci retracement at $2,900 is a critical zone to watch.

Overall, the slight loss by the crypto market could be overcome with gains in the coming week.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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