{"id":8867,"date":"2022-02-28T03:01:14","date_gmt":"2022-02-28T03:01:14","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-fails-to-beat-resistance-as-40k-stays-out-of-reach-into-weekly-close\/"},"modified":"2022-02-28T03:01:16","modified_gmt":"2022-02-28T03:01:16","slug":"bitcoin-fails-to-beat-resistance-as-40k-stays-out-of-reach-into-weekly-close","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-fails-to-beat-resistance-as-40k-stays-out-of-reach-into-weekly-close\/","title":{"rendered":"Bitcoin fails to beat resistance as $40K stays out of reach into weekly close"},"content":{"rendered":"
\n

Bitcoin (BTC) faced down $40,000 on Feb. 27 as hopes for the weekly close hinged on avoiding a fourth red monthly candle in a row.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Tensions mount for TradFi markets open<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD making several attempts to break out of the $30,000-$40,000 corridor Sunday, all of which ended in rejection.<\/p>\n

The pair had stayed broadly higher throughout the weekend, cutting traders some slack after a week of volatility at the hands of geopolitics and media headlines.<\/p>\n

Now, $38,500 was the level to watch for Bitcoin to close out the week and the month \u2014 failure to do so would mean a fourth straight monthly red candle.<\/p>\n

\n

#Bitcoin<\/a> has less than 36 hours to close above $38.5k in order to break the streak and avoid having 4 straight red monthly candles https:\/\/t.co\/PX45GlOLrZ<\/p>\n

\u2014 Matthew Hyland (@MatthewHyland_) February 27, 2022<\/a><\/p><\/blockquote>\n

As Cointelegraph reported, bulls were spared a lower low last week, despite the downside move on the Ukraine invasion, bottoming out at $34,300 versus $32,800 in January.<\/p>\n

“Cautiously optimistic this is a short to mid-term bottom for BTC,” popular trader and analyst Pentoshi continued<\/a>. <\/p>\n

“I pulled my 40.3k orders (not great) and will focus higher to 41.6k for de-risking. Must flip that and there’s some pretty decent upside. I am still cautious bc the macro landscape imo is anything but bullish.”<\/p><\/blockquote>\n

That macro landscape was poised to deliver a fresh bout of uncertainty on Monday’s open thanks to moves by the West to cut Russian banks off<\/a> from off-shore liquidity and the SWIFT payment system.<\/p>\n

A mention of Russia’s nuclear deterrent by president Vladimir Putin likewise ruffled feathers over the weekend, with Ukraine and Russia beginning negotiations on the Belarusian border Sunday.<\/p>\n

For Bitcoin proponents, meanwhile, the potential knock-on impact of Russian financial sanctions and the cryptocurrency’s status as a neutral network for value transfer began to take center stage.<\/p>\n

\n

What does it mean for USD & SWIFT if *both* sides of the conflict opt into #Bitcoin<\/a> for its superior features? <\/p>\n

Answer: It means all countries & institutions better buy up as much #Bitcoin<\/a> as they possibly can now b4 their financial platform gets obsoleted.<\/p>\n

\u2014 Jason Lowery (@JasonPLowery) February 26, 2022<\/a><\/p><\/blockquote>\n

“Still processing the implications,” former Coinbase CTO\u00a0Balaji Srinivasan wrote<\/a> as part of a Twitter response about freezing the central bank assets. <\/p>\n

“This is a financial neutron bomb. Bankrupts people without blowing up buildings. Hits all 145M Russians at once, every ruble holder. In a maximalist scenario, possible collapse of the Russian economy.”<\/p><\/blockquote>\n

On its part, Ukraine began to accept donations for its army in Bitcoin, Ether (ETH), and Tether (USDT). Its wallets had received over 91 BTC\u00a0($3.57 million), as well as 1,797 ETH ($5.02 million) and $1 million in USDT at the time of writing.<\/p>\n

Weekend stays “boring” for crypto<\/h2>\n

For crypto markets overall, however, there were few opportunities as sentiment remained very much in “wait and see” mode.<\/p>\n

Related:\u00a0Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rally<\/em><\/strong><\/p>\n

Out of the top ten cryptocurrencies by market cap, none managed noticeable moves up or down over the past 24 hours.<\/p>\n

ETH\/USD traded at near $2,800, with weekly gains nonetheless approaching 6%.<\/p>\n

ETH\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

“Pretty boring market movements during the weekend and that\u2019s not weird,” Cointelegraph contributor Micha\u00ebl van de Poppe summarized<\/a>. <\/p>\n

“Probably approaching a very hectic & volatile week with the war in Ukraine. Don\u2019t go ham on your positions, just play it slow. Sentiment and momentum can switch fast due to these political events.”<\/p><\/blockquote>\n<\/div>\n