Bitcoin consolidates after $40K surge as analyst eyes weekly elevated low for BTC heed

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Bitcoin (BTC) started a worried weekend at around $39,000 on Feb. 26 after an in a single day spike temporarily saw $40,000 return.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Stocks good points but crypto “distress” pervades

Recordsdata from Cointelegraph Markets Legitimate and TradingView printed calmer instances for BTC/USD Saturday after in a single day volatility saw highs of $40,330 on Bitstamp.

With frail markets closed, the likelihood of “fakeout” strikes up or down became elevated attributable to thinner weekend volumes on crypto markets.

The geopolitical turmoil centered on Ukraine and occupier Russia shaped the backdrop for persisted cautious sentiment, amid concerns that Monday, in particular, might perchance well well elevate fresh instability.

The Crypto Fear & Greed Index, while inching up in direction of the quit of the week, remained within the low “distress” zone at 26/100.

Crypto Fear & Greed Index (screenshot). Supply:

A possible silver lining for Bitcoin bulls within the meantime got right here from the weekly chart. With its recent $34,300 low on the Ukraine invasion, BTC however managed to position in a elevated low versus January’s $32,800 dip.

Need to that abet, seller and analyst Rekt Capital believed, February’s comedown from $45,500 would in all likelihood flip out to had been a “critical” consolidation transfer.

— Rekt Capital (@rektcapital) February 25, 2022

Macro markets within the meantime ended the week on a high, with critical rebounds for each European and U.S. indices.

The U.S. buck, which had surged in energy as hostilities started, gave lend a hand most of its good points, with the U.S. buck forex index (DXY) returning to 96.5 from highs of 97.7.

U.S. buck forex index (DXY) 1-hour candle chart. Supply: TradingView

LUNA leads high ten altcoins elevated

Altcoins equipped a mixed but unruffled overall solid image Saturday, critical tokens led by Terra (LUNA), up virtually 50% in a week.

Linked: Mark prognosis 2/25: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

With Bitcoin cooling, some gradual good points were unruffled playing out, along with for XRP, which became 10.3% elevated over the 24 hours to the time of writing.

Ether (ETH), the largest altcoin by market cap, traded above $2,750 on the lend a hand of 5.6% each day good points, having sought to dispute $2,900 in a single day.

ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView