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

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The short-moving volatility that the cryptocurrency market is understood for reared its ugly head on Feb. 17 as ongoing tensions between Russia and Ukraine and the remainder of the world walloped monetary markets round and briefly plunged Bitcoin worth beneath the $41,000 degree. 

Knowledge from Cointelegraph Markets Pro and TradingView reveals that the crypto market was hit with a wave of promoting starting close to noon on Feb. 17 that dropped BTC to a day by day low of $40,743 earlier than bulls bid the worth again above $41,000.

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Bitcoin traders say $40K is the ‘line in the sand’ after BTC and stocks sell-off
BTC/USDT 1-day chart. Supply: TradingView

Right here’s a have a look at what merchants available in the market are saying concerning the worth dip for Bitcoin and what it means within the largeer scheme of issues as international tensions ramp up.

Bearish till $50,000

The sudden pullback in BTC has taken the bullish perspective off the desk for unbiased market analyst Michaël van de Poppe, who posted the next chart highlighting the areas BTC wanted to interrupt by to assist his bullish case.

Bitcoin traders say K is the ‘line in the sand’ after BTC and stocks sell-off
BTC/USD 1-week chart. Supply: Twitter

Based mostly on the crimson field highlighted by van de Poppe, Bitcoin would wish a transparent breakout above $50,000 to flip the bias towards bulls.

van de Poppe stated,

“Nothing actually modified. This one remains to be the one I am taking a look at for Bitcoin through which I would favor to see a break of this weekly order block. If that does not occur, then I am not bullish.”

BTC worth revered a key degree

Proof that even skilled merchants may be caught off guard by sharp strikes got here from “Pentoshi,” a pseudonymous Twitter person who posted the next chart and famous that some current BTC purchases now seem to have been untimely.

Bitcoin traders say $40K is the ‘line in the sand’ after BTC and stocks sell-off
BTC/USD 1-day chart. Supply: Twitter

Pentoshi stated,

“Regardless of all of the bullish propaganda, worth nonetheless revered the degrees. Bullas on life assist right here. I’ll nonetheless commerce the extent w/ reclaim however know the draw back threat is excessive.”

Associated: Ukraine’s updated crypto bill kicks one ministry out as regulator

Purchase the rumor and promote the information?

A closing little bit of perspective on what merchants ought to be mindful throughout occasions like these was provided by choices dealer and pseudonymous Twitter person John Wick, who posted the next tweet addressing considerations relating to rising U.S. rates of interest and the state of affairs between Russia and Ukraine.

The general cryptocurrency market cap now stands at $1.867 trillion and Bitcoin’s dominance price is 41.8%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your individual analysis when making a choice.