As trading on February 28 begins, signs that Bitcoin price action may present investors with a much-needed silver lining intensify.
As U.S. stocks began a defining week for markets amid geopolitical tensions, Bitcoin (BTC) received a lift from the opening of Wall Street trading on Feb. 28.
Traders are keeping an eye on Beyond $40,000 in BTC, it’s time to exit.
After the opening bell on Feb. 28, data from various analysts showed BTC/USD jumping to $40,560 on Bitstamp.
The move brought an end to a reasonably quiet weekend marked only by a drop into the weekly close.
With the end of the month nearing, all eyes were on Bitcoin to see if it could avoid a fourth month of losses.
Now can we go? #Bitcoin
Gaining the upper range ($40.8k-$44.4k) and holding trading elevates the safety of the bullish structure formed.
$37k absorbed all liquidity? 🌊
If so, price will respond by breaking $44.4k 💀 pic.twitter.com/oyA805nX7l
— G a a h (@gaah_im) February 28, 2022
The sentiment among traders favored an attack on the $40,000 resistance to reassert presence higher, with the Wall Street gap up totaling $1,900 in an hour.
Crypto Ed, a well-known trader and analyst, was interested in $42,000.
Seeing some sceptical comments, this is why I think we bounce:
My bigger picture was a move to 42k (still confident about that)
But I said: a correction over the weekend, which has taken place in an ABC where C leg has 5 legs.
Should bounce any moment now pic.twitter.com/RenIDFCqw9
— Crypto_Ed_NL *not asking to send DM's* (@Crypto_Ed_NL) February 27, 2022
Meanwhile, on the open, U.S. markets were unusually calm in the aftermath of a major shift in relations with Russia, which included a near-total ban on transacting with its central bank.
At the time of writing, the S&P 500 was down about 1%, with the Federal Reserve likely already taking steps to mitigate the impact of Russian penalties.
“From here, if BTC can break 39.5k, I believe 41.5/42.0k will follow, and I expect LUNA to continue to outperform. I’ll keep focusing on it as long as it works “Pierre, a popular Twitter account, posted a cross-crypto update.
Trading in altcoins is rather quiet at the start of the week.
When it came to Terra’s LUNA token, it was one of just two significant cryptocurrencies that stood out at the time of writing.
LUNA/USD was up 3.9 percent at $78.27, although it was still trailing leader Solana (SOL) by 4.4 percent.
The largest altcoin by market size, Ether (ETH), was down 1.6 percent on the day at $2,718.
However, due to geopolitical developments, even short-term timelines remained a mystery for most.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.