Bitcoin price and crypto market plummeted as geopolitical risks increased. A second round of talks between Russian and Ukrainian diplomats ended Thursday without an agreement. This stalemate has kept markets tense and contributed to gains in traditional safe-haven assets such as gold and the US dollar. At the time of writing, BTC is changing hands at $41,358. So, what levels are next? As Kriptokoin.com, we are providing the details…
Bitcoin and altcoins are falling
Bitcoin price and other major cryptos have fallen with the developments in Ukraine. In the crypto markets, last month’s correction is thought to have stabilized as the bearish trend subsides. Some analysts remain optimistic, especially given the persistent long-term demand for Bitcoin. Still, technical indicators show strong resistance at $46,000, creating choppy trading conditions in the short term.
data platform Santiment stated, “The respective resources of both Bitcoin and Tether have plummeted in the last 30 days. For BTC, this has been the norm for a while. For USDT, this decline started at the beginning of February. Something to watch as a pullback signal above $45,000,” he said.
What levels are next?
Bitcoin started a downside correction and traded below $42,000 against the dollar. According to technical analyst Aayush Jindal, BTC must stay above $40,000 to avoid a trend reversal. According to the analyst, Bitcoin is currently testing the $41,200 support level. If the price stays above the $41,200 support, it could attempt a fresh increase. On the upside, an initial resistance is near the $42,000 level.
The first key resistance is near the $42,500 level. On the other hand, a clear move above the $42,500 resistance could set the pace for a fresh increase. The price could surpass the 43,000 resistance zone. The next major resistance for the bulls could be near the $44,200 level, according to Jindal. Here is the list of levels that the analyst noted:
- Hourly MACD – The MACD is now gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) is close to –30.
- Major Support Levels – $41,200 followed by $40,000.
- Main Resistance Levels – $42,000, $42,500 and $43,000.
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