Bitcoin price rallies more than $1,000, approaching a key psychological resistance level of $40,000. It rose more than 2.2% in the last hour after Putin announced progress in talks with Ukraine.
‘positive changes’ in Russia-Ukraine war dialogue, Bitcoin price peaking
Bitcoin price briefly rallied $1,400 before consolidating below $40,000 on Friday, data from TradingView shows. This price action was up 1.5% from the intraday low of $38,347.43. The positive atmosphere stems from Russian President Vladimir Putin’s statement during his meeting with his Belarusian counterpart, Aleksandr Lukashenko, that there are “good developments” in the Ukrainian dynamic. Referring to Russia’s Interfax news agency, CNBC reported that Putin said:
There are some positive developments from our side, as negotiators informed me.
It’s also worth noting, however, that Russian troops were supposedly regrouping near Kyiv, with some predicting potential pressure to subdue the capital.
President of Ukraine Zelensky made a statement after Putin. Zelensky, who had previously approached Putin for negotiation, said that the war had reached a turning point:
The war in Ukraine has reached an important breaking point. It takes patience and time to win. We expect the European Union to take tougher and stronger steps. Russia has started bringing Syrian mercenaries to Ukraine.
Already known to “dislike” escalations in military conflicts, Bitcoin quickly recovered, along with the European and American financial markets. In Germany, the DAX rose 2.6% on the news, while S&P 500 futures rose 1.1% ahead of the opening bell on Wall Street. At the time of writing, BTC/USD volatility continues as the bulls try to break the $40,000 resistance strongly.
BTC shorts are exploding
However, previously, there were warnings from those who watched the rapidly rising short positions on Bitfinex from major exchanges:
explosive growth in Bitcoin Bitfinex shorts, hate to say it, capitulation is coming
At the time of writing, short positions are both They were still climbing at their highest point since July 2021, seen on both daily and shorter timeframes.
Pressure on local tops of $40,200 has resulted in a moderate short liquidation on derivatives platforms, according to data obtained by Coinglass.
Finally, Adam Cochran, a well-known crypto commentator and analyst, commented on the conflicting signals:
Markets are so weak and so desperate for relief That is, we are moving towards vaguely positive news in the Russia-Ukraine conflict, with both sides issuing worsening statements and escalating actions.
A recent Bloomberg report, which we quoted as Kriptokoin.com, suggested that the Russian invasion could push up the prices of Bitcoin (BTC) and Ethereum (ETH).
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