Bitcoin bulls scramble to defend $40,000 as the crypto market sell-off intensifies

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Bitcoin (BTC) and altcoins dropped additional on Feb. 17 after the scenario in Ukraine worsened and Russia expelled Bart Gorman, the USA Deputy Chief of Diplomatic Mission, from the nation after President Biden reiterated that the specter of a Ukraine invasion by Russia was “very excessive.” 

Knowledge from Cointelegraph Markets Pro and TradingView exhibits that the afternoon resurgence in sell-side strain dropped the value of Bitcoin to a each day low at $40,081 as bulls frantically regroup and try to forestall a slide beneath $40,000.

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Bitcoin bulls scramble to defend $40,000 as the crypto market sell-off intensifies
BTC/USDT 4-hour chart. Supply: TradingView

In accordance with analysts, the bullish case for a transfer increased continues to dwindle because the elements weighing on the crypto market mount.

Actual charges and inflation are the primary points

The impact of the Ukraine-Russia scenario was touched upon by David Lifchitz, managing accomplice and chief funding officer at ExoAlpha, who famous that the scenario “is unquestionably weighing on danger property, up like Feb. 15, down like right this moment.”

Whereas the Ukraine-Russia saga is at present dominating information headlines and inflicting widespread weak spot throughout international markets, Lifchitz urged that the scenario “appears to be like like a distraction from the actual charges/inflation situation.”

In accordance with Lifchitz, this present battle could solely final a number of months whereas “the inflation/charges situation is a multi-year situation that may hit rather more, on a broader scale, and for an extended time.”

Lifchitz stated,

“Bitcoin is simply pulling again into its $30,000 to $50,000 vary for now as we stay in a merchants’ market. So except there is a important break beneath $33,000 or above $48,000, the swing buying and selling will proceed and altcoins will comply with the transfer, with simply extra amplitude.”

Associated: Bitcoin traders say $40K is the ‘line in the sand’ after BTC and stocks sell-off

Bitcoin stays a robust asset

Regardless of the current weak spot, market analyst and pseudonymous Twitter dealer ‘IncomeSharks’ supplied the next phrases of consolation to assist add just a little perspective to the long run outlook for BTC.

The general cryptocurrency market cap now stands at $1.85 trillion and Bitcoin’s dominance fee is 41.7%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it’s best to conduct your individual analysis when making a call.