Bitcoin (BTC) Treads Water as Markets Eye News on Russia
Bitcoin (BTC) ended a 3-day losing streak on Saturday. The upside was modest, however, as geopolitics continued to peg back Bitcoin and the broader market. News updates on Russia and a possible invasion of the Ukraine left Bitcoin range-bound on the day. Following a 1.36% fall on Friday, Bitcoin rose by 0.28% to end the day at $40,107.
It was a mixed session for the rest of the crypto top 10, however.
Avalanche (AVAX) joined Bitcoin in the green, rising by 1.51%, with Solana (SOL) and Cardano (ADA) rising by 1.58% and by 0.10% respectively. Terra (LUNA) also avoided the red, rising by 0.49%, with Ripple (XRP) rallying by 4.85%. Ethereum (ETH) ended the day down by 0.56%.
Bitcoin Fear & Greed Index Continues Upswing
Following Saturday’s slide back to 25/100 and fall into the Extreme Fear zone, the Bitcoin Fear & Greed Index rose to 27/100 and back into the Fear zone this morning. The modest increase came in spite of ongoing concerns over a Russian invasion of the Ukraine.
For the Bitcoin bulls, the Index will need to move back through last week’s 54/100 high to bring $50,000 levels back into play for Bitcoin. A fall back through to sub-20/100 would bring sub-$30,000 levels back into play.
Bitcoin Price Action
At the time of writing, Bitcoin was down by 0.39% to $39,950. A move through the day’s $40,079 pivot would support a run the first major resistance level at $40,493. In the event of an extended rally, Bitcoin could test the third major resistance level at $41,679 and resistance at $42,000 before any pullback. The second major resistance level sits at $40,879.
Failure to move through the pivot would bring the first major support level at $39,693 into play. In the event of an extended sell-off, Bitcoin could test the third major support level at $38,479. The second major support level sits at $39,279.
Looking at the EMAs and 4-hourly candlesticks (below), the signal has become yet more bearish. Bitcoin continues to sit well below 50-day EMA, which has converged on the 100-day and 200-day EMAs overnight. On Saturday, we saw a bearish cross, with the 100-day EMA crossing through the 200-day EMA. A bearish cross of the 50-day EMA through the 100-day the 200-day EMAs would bring sub-$39,000 into play.
For the bulls, a Bitcoin move back through the 100-day EMA, currently at $41,600, would provide some support.
This article was originally posted on FX Empire