Bitcoin consolidates after $40K surge as analyst eyes weekly higher low for BTC price!
Bitcoin price action is still playing out according to plan despite this week’s geopolitical turmoil.
Bitcoin (BTC) began a nervous weekend at around $39,000 on Feb. 26 after an overnight spike briefly saw $40,000 return.
Data revealed calmer conditions for BTC/USD Saturday after overnight volatility saw highs of $40,330 on Bitstamp.
With traditional markets closed, the probability of “fakeout” moves up or down was elevated thanks to thinner weekend volumes on crypto markets.
The geopolitical turmoil focused on Ukraine and occupier Russia formed the backdrop for continued cautious sentiment, amid concerns that Monday, in particular, could bring fresh instability.
The Crypto Fear & Greed Index, while inching up towards the end of the week, remained in the low “fear” zone at 26/100.
A potential silver lining for Bitcoin bulls meanwhile came from the weekly chart. With its recent $34,300 low on the Ukraine invasion, BTC nonetheless managed to put in a higher low versus January’s $32,800 dip.
Should that hold, trader and analyst Rekt Capital believed, February’s comedown from $45,500 would most likely turn out to have been a “necessary” consolidation move.
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