The crypto market is ending February at an all-time low with Bitcoin having lost 2% in the last 24-hours. BTC has been very much volatile and touched $35,000 last week because of the Ukraine invasion. At the time of writing this article, the popular cryptocurrency was trading at $37,830, as per data from CoinMarketCap.
Sunday witnessed several attempts by bitcoin to break resistance at $40,000 corridor, but to no avail. Analysts were waiting for a breakthrough as the market had been significantly down all of last week. Matthew Hyland, an analyst, tweeted that Bitcoin has less than 36-hours to close above $38,500 mark. He highlighted that this is an effort to break the streak and avoid having four straight red monthly candles for the first time since the 2018 bear market.
Pentoshi, a popular trader and analyst, is cautiously optimistic. He outlined that this is a short to mid-term bottom for BTC. Pentoshi tweeted that he pulled his $40,300 orders and will focus higher to $41,600 for de-risking. But the trader is cautioned about the macroeconomic landscape. He said it’s very much bullish.
It should be noted that the macro landscape was set to deliver a fresh round of uncertainty on Monday’s open. This is driven by the West governments’ stance to cut off Russian banks from off-shore liquidity and the SWIFT payment system. Analysts believe the knock-on impact of Russian financial sanctions and the cryptocurrency’s status as a neutral network for value transfer has begun to take center stage.
Balaji Srinivasan, the former CTO of Coinbase, said the market is still processing the implications. Describing it as a financial neutron bomb, Srinivasan tweeted that it bankrupts people without blowing up buildings.
With March here, the crypto market and traders are hopeful for a refreshing and optimistic month.