Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning

Christian Encila

Last Updated: June 11, 2024 2:17 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin’s price increased momentum early Monday, breaking through the 38,500 barrier zone, but mostly wobbled after Russian President Vladimir Putin’s nuclear deterrence alert announcement.

The cryptocurrency attempted an upside run beyond $39,500 and $40,000 but corrected down on Sunday as Putin increased the alert level on his country’s nuclear deterrence in the face of new Western sanctions for assaulting Ukraine.

Following a 0.27% decrease on Saturday, Bitcoin fell 3.65% to close the week at $37,704.

Additionally, it was a gloomy session for the remaining major cryptocurrencies.

AVAX was down 8.07%, while LUNA fell 7.30%.

ETH declined 5.84%, SOL weakened 5.12%, ADA fell 3.48, BNB lost 3.65%, and XRP shed 3.92%.

Following a sharp upward move, BTC encountered sellers at the $39,500 and $40,000 levels.

BTC has begun a downward correction and is currently trading below $38,290.

It has now established a new high above the $37,500 support zone.

The next critical support level is near $37,200, below which BTC may fall to $36,500.

Total crypto market cap at $1.701 trillion in the daily chart | Source: TradingView.com

Nuclear Deterrence Drags Down Cryptocurrencies

The news of Russia’s nuclear forces being placed on “special alert” and the West’s synchronized response impacted market confidence.

The European Union responded by announcing that it would finance the “purchasing and supply of weapons” and other gear to a country “under assault.”

Additionally, it closed its airspace to all Russian aircraft and prohibited the Russian state-owned television network Russia Today and news agency Sputnik from operating.

BTC is stabilizing above the $38,500 and $38,800 resistance levels in general. If the cryptocurrency surpasses $38,800, it may make a run at the $40,000 mark.

Bitcoin must break through the $38,202 pivot point in order to challenge the first big resistance level at $39,360.

Broad Market Support Required For BTC

Bitcoin – the world’s most desired digital asset – would require broad market support to break through the $39,000 barrier.

The Russian invasion of Ukraine will continue to be the primary focus of attention.

Any further escalation by Russia or the West would put Bitcoin and the larger crypto market’s backing to the test.

Apart from the news, US President Joe Biden’s State of the Union Address on Monday night and Federal Reserve Chairman Powell’s Testimony on Wednesday and Thursday is also expected to weigh down on the broader market sentiment.

Meanwhile, on the regulatory front, we’re keeping an eye on the White House Executive Order on cryptocurrency and the EU’s Markets in Crypto Assets launch.

MICA is a proposed regulatory framework for digital assets that parliamentarians are actively considering.

Featured image from Deccan Herald, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.