{"id":8662,"date":"2022-02-22T20:01:18","date_gmt":"2022-02-22T20:01:18","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/analysts-say-bitcoin-bottom-is-in-as-btc-bounces-back-to-38000\/"},"modified":"2022-02-22T20:01:20","modified_gmt":"2022-02-22T20:01:20","slug":"analysts-say-bitcoin-bottom-is-in-as-btc-bounces-back-to-38000","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/analysts-say-bitcoin-bottom-is-in-as-btc-bounces-back-to-38000\/","title":{"rendered":"Analysts say Bitcoin ‘bottom is in\u2019 as BTC bounces back to $38,000"},"content":{"rendered":"
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The ongoing tensions between Russia and Ukraine continue to be the dominant news story on Feb. 22 as Bitcoin (BTC) and the wider global financial tremble under the pressure as the world awaits some form of resolution to the matter.\u00a0<\/p>\n

Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has traded in a range between $36,360 and $38,330 on Tuesday as a swirl of positive and negative developments sent mixed signals to traders who base their trading activity on news headlines. <\/p>\n

BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Here\u2019s a look at what several analysts in the crypto market are saying about the latest price developments for BTC and what levels to keep an eye on moving forward. <\/p>\n

A retest of the $38,000 support\/retest zone<\/h2>\n

The cyclical nature of BTC price movements was touched upon by crypto analyst and pseudonymous Twitter user \u2018Rekt Capital\u2019, who posted<\/a> the following chart showing that Bitcoin is currently retesting the major support\/resistance level at $38,000. <\/p>\n

BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Rekt Capital said, <\/p>\n

\u201cWhenever BTC would break beyond the red $38,000 resistance area\u2026 It would pullback into this region for a retest attempt before further upside. Green circles show this. Retest is now in progress.\u201d<\/p><\/blockquote>\n

Aside from a simple retest of support and resistance, this price range has emerged as a significant one when it comes to the bull versus bear market narrative as highlighted in the following chart that was posted<\/a> by technical analyst Matthew Hyland. <\/p>\n

BTC\/USD 1-month chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Hyland said, <\/p>\n

\u201cBitcoin has a week to avoid having its 4th straight red monthly candle for the first time since the 2018 Bear Market. The monthly must close above $38,500 to close green.\u201d<\/p><\/blockquote>\n

No need to worry above $30,000<\/h2>\n

A call for calm was put out by crypto trader and pseudonymous Twitter user \u2018JohalMiles\u2019, who posted<\/a> the following chart stating, \u201cI sound like a broken record here but it’s hard to believe how bearish people have become and we haven’t even broken OR tested $30,000.\u201d<\/p>\n

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BTC\/USD 1-week chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

In a follow-up response to the tweet from JohalMiles, cryptocurrency analyst and pseudonymous Twitter user \u2018PlanC\u2019 agreed with this viewpoint and made the case for a bull market moving forward. <\/p>\n

PlanC said<\/a>, <\/p>\n

\u201cBasically, unless we break below $30,000 and remain below $30,000 for weeks, I lean bullish. And the $28,000-$30,000 level has acted as very strong support for a year now.\u201d<\/p><\/blockquote>\n

Related:\u00a0Bitcoin Mayer Multiple returns to July 2021 levels in fresh sign $37K BTC is a long-term buy<\/em><\/strong><\/p>\n

Sentiment indicates that the end is near<\/h2>\n

A final bit of insight based sentiment in the Bitcoin market was offered by market analyst and pseudonymous Twitter user \u2018Crypto5max\u2019, who noted that \u201cbased on sentiment, the end is near\u201d and posted<\/a> the following chart looking at the Advanced NVT Signal, a metric that divides the value of the Bitcoin market capitalization by the 90-day moving average of its daily transaction value.<\/p>\n

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Advanced NVT signal. Source: Twitter<\/em><\/figcaption><\/figure>\n

Crypto5max said, <\/p>\n

\u201cWe could range, of course, much like in 2021 testing S\/R on numerous occasions, but there’s a lot of data suggesting bottom’s in. You do you, like you always should. But I like to see fear in the market and I am of a different (bullish) opinion.\u201d<\/p><\/blockquote>\n

The overall cryptocurrency market cap now stands at $1.693 trillion and Bitcoin\u2019s dominance rate is 42.2%.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n