Bitcoin whales fuel BTC price recovery as stocks recover from Russia-Ukraine shocks

To conclude the week, a demand for reclaiming higher levels emerges, with traditional markets recouping losses.

Bitcoin (BTC) kept $40,000 in play at the Wall Street open on Feb. 25 after bulls’ confidence was boosted by 16 percent daily advances.

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Whales “leading the charge” towards $40,000

At the start of trade on Feb. 25, data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling the $39,000 level, with global uncertainty failing to trigger a new significant sell-off.

Stocks also gained as the week wound down, with Germany’s DAX up 3% on the day and London’s FTSE 100 up 4%.

Additional encouragement came from the Russia-Ukraine war, with Ukrainian President Volodymyr Zelensky raising the chance of talks to stop hostilities.

With this week’s floor of $34,300, anticipation was gradually growing for a rematch against $40,000 resistance.

“Purple Whales are leading the charge,” monitoring resource Material Indicators observed in reference to a chart indicating a renewed wave of buying from both small and large investors.

“Historically, this class has had the most direct correlation to Bitcoin price. If BTC bulls can push past $41.5K, then $45K should come into focus rather quickly.”

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Popular trader and analyst Pentoshi, meanwhile, revealed that he planned to wait for $40,000 to hit before reducing BTC exposure.

As he highlighted, however, on longer timescales, there was no broad paradigm shift in BTC price movement, which continued to trade in a narrow range.

Bitcoin’s dominance continues to grow.

Altcoins have caught up to Bitcoin, bringing some solace to beleaguered bagholders.

Daily increases of 10% were frequent, while the top ten cryptocurrencies by market capitalization were led by Terra (LUNA), which gained 20% on the day to $65.40.

Ether (ETH) remained near $2,700, down 5.7 percent from a week ago.

“Dominance is still on pace to increase further, albeit this upward movement toward the red level may prolong into early March,” trader and analyst Rekt Capital said on a chart comparing Bitcoin’s market capitalization to that of altcoins.



Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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