Bitcoin has slipped below the $40,000 for the third consecutive weekend after rallying earlier in the week. However, the decline hasn’t deterred crypto enthusiasts from hoping for a major boost in price.
On February 28, BTC recorded a 14% rally with investors looking out for a $45,000 breakthrough. But the popular cryptocurrency fell as Russia intensified its military assault in Ukraine, and took over the major Ukrainian city of Kherson. Marcus Sotiriou, an analyst at GlobalBlock, highlighted that bitcoin sold off to retest the 20-day moving average at around USD 41,000 after an impressive 32% rally over the past week. He pointed out that bitcoin failed to secure a higher high on the daily time frame. Sotiriou believes the popular crypto is not bullish on the daily time frame until it reclaims the level.
Scott Melker, an independent market analyst, noted the importance of the 50-day moving average (50 MA). He outlined that everyone, including bots, is watching the 50 MA to see if it will hold. Another independent market analyst Michael van Poppe believes BTC is correcting as tensions around Ukraine are increasing. He highlighted that fear is also increasing as gold prices surge. van Poppe sees a bounce with $43,100 – 43,500 being the potential resistance point.
Meanwhile, Ethereum is down by 3.37% in the last 24-hours and is trading at $2,614, as per data from CoinMarketCap. The altcoins remain in the red with Terra LUNA being the biggest loser. LUNA is trading at $81.88 and lost 11.15% in the last 24-hours.