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Market Watch March 7: Bitcoin rolls below $40,000, Russia looking to ban cryptocurrency

Crypto Market Watch

Bitcoin is sticking to its lows following Friday’s dive. The fall was triggered by Russia’s continued onslaught on Ukraine. At the time of writing this article, BTC was down by 2.95% in the last 24-hours and trading at $37,921. Analysts highlight geopolitical tensions and associated macro weakness to the price decline.

Yann Allemann and Jan Happel, the co-founders of Glassnode – an on-chain analytics firm, says bitcoin is at a critical level. They pointed out that RSI is oversold and trending up. If BTC fails to break through the $40,000 mark, it might find support at $34,000 – $36,000 level. If the popular crypto gains, it would face resistance at $43,000 – $45,000 mark.

Joe DiPasquale, the CEO of BitBull Capital, highlighted that Friday’s abrupt drop was a reversion of prices. Investors were hopeful of more of an escape to digital assets given traditional banks and payment gateways in Russia and Ukraine restricting access. DiPasquale believes crypto price would be buoyed if Russia – Ukraine conflict loses intensity.

However, this is unlikely as Russia on Sunday continued its military action against Ukraine. Russian President Vladimir Putin brushed off calls for a ceasefire. The Kremlin is targeting Mariupol and other Black Sea ports to isolate Ukraine’s southern coast.

Meanwhile, Ethereum is also down. The world’s second most popular crypto lost 3.85% in the last 24-hours and is trading at $2,528. Altcoins are in the red with Terra LUNA having lost 6.81% and Cardano 4.30% in the last 24-hours.



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