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Bitcoin experiences a massive surge in price despite the Russian-Ukrainian conflict

It's already been 5 days of heavy clashes between Russia and Ukraine. If at first, cryptocurrencies suffered from geopolitical tensions, but we can see that for 24 hours, they have achieved an incredible performance. At the time of writing, the market as a whole is up 12% and looks set to hit the $2 trillion mark.

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A great leader in cryptocurrencies, Bitcoin is leading the trend with an increase of 15.89%. It defended the $40,000 support well. The BTC even allowed itself to rise towards $43,700. Ethereum reacted just as well. The value of smart contract crypto is very close to the $3,000 mark. In the past 24 hours, the price of ETH has gained 13.13%.

 

Among the other altcoins, we should note the good performance of Terra Luna whose price rose by 24.18% during the day. Another Ethereum Killer, Avalanche has performed just as well as Terra. Indeed, the price of AVAX jumped 21.04% in 24 hours. Kadena and Theta Network also exploded, recording respective growth  of 26.81% and 24.77%.

 

Definitive Breakout” Towards The Resumption Of The Uptrend?

 

Since the beginning of the year, experts and investors have been waiting for bitcoin to make a daily breaking session which will drive the real upward trend as was the case in February 2021. Recall that on the 8 February, the price of bitcoin rose from $38,886 to $46,196, an 18% gain intraday. A performance that will take   12 days later below $58,000. 

For this Monday’s session, the price of BTC rose from $37,706 to $47,700, an increase of 15.89%. Even if the intra-day trading volume increased by 54% to 36.7 billion dollars, the pressure level remains very far from the 101.4 billion of the day of February 8, 2021. 

However, experts believe that the asset’s downward trend could be heading towards depletion. Pointing to previous bitcoin ranges, analyst Johal Miles wrote: 

The main difference between the current range and the one we previously had at $46,000 is that we are now seeing significant buying pressure when we visit the lows.

He added afterwards: “  Downtrend exhaustion looks similar to summer to me.  »

Bitcoin: How Far Can It Go?

The price of Bitcoin explodes despite the Russian-Ukrainian conflict
BTC/USTD price evolution. Source: TradingView

When we look at the elements of technical analysis, we can unearth a certain turnaround.   When we look at the RSI, it indicates a V-shaped recovery but with few signals of euphoria as it comes in at 58.   But Monday’s performance comes at the moment of initiating a bullish trend for at least the medium term. The current price of BTC far exceeds the SMA-20 and the SMA-50 which are valued at $40,658.88 and $40,331.15 respectively.

Taking the Fibo indicator back to November’s ATH, we can see that the $41,000 mark is an important technical level for the future price of Bitcoin. If he manages to maintain this bar, he can hope to quickly reverse the $46,358 which corresponds to 0.38 fibo. In case of weakness to hold the $41,000, the way towards $32,000 is well open. 

A much bullish opinion comes to us from Alexander Tkachencho, CEO of VNX who reported to Cointelgraph that the US stock market bottomed out and bitcoin could catch up to the $64,000 levels according to Wycoff’s distribution.   He clarified with this image: 

The price of Bitcoin explodes despite the Russian-Ukrainian conflict
Bitcoin price with the Wycoff model in integration. Source: Cointelegraph

“We can expect a move towards USD 64,000 and a new uptrend in the medium term. Potential bitcoin price growth is imminent as expected, especially based on the coin’s strong ties to the mainstream or traditional stock market, the S&P Index.”Bitcoin


 

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