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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike

Christian Encila
Christian Encila
3 years ago
2 mins read
Bitcoin

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The price of Bitcoin plummeted below $40,000 on Monday, while other cryptocurrencies saw losses, according to Coingecko data.

BTC is trading extremely close to two long-term support levels but has not yet demonstrated any bullish reversal indicators.

This comes as investors remain wary of the situation in Ukraine and the possibility of a US central bank rate increase.

The global cryptocurrency market cap is $1.80 trillion, down 2.04 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 20.13 percent to $65.06 billion.

Suggested Reading | Bitcoin Struggles To Breach $40,000 Level, Down 4% In Last 24 Hours

The 50-day and 100-day moving average lines crossed bullishly last week; nevertheless, Bitcoin was unable to maintain the bullish momentum and witnessed a price shakeout.

Later in the week, the price recovered and attempted to break above the moving average lines once more, but was swiftly rejected and fell below the $40,000 level.

Bitcoin Selling Pressure

During the week of April 18-24, BTC prices declined marginally. While the week began with an upward advance that resulted in a local high of $42,976, the price declined in the later part of the week, resulting in a protracted upper wick (red icon). This is interpreted as an indication of selling pressure.

BTC is currently trading considerably below the $42,000 mark. This is a critical long-term level that has served as both support and resistance intermittently since May 2021.

BTC total market cap at $731.41 billion on the daily chart | Source: TradingView.com

“Bitcoin and the majority of cryptocurrencies fell over the weekend as a result of growing tensions in Ukraine on the one hand and the US Federal Reserve’s views on interest rate hikes due to inflation on the other,” Edul Patel, chief executive and co-founder of Mudrex, explained.

Suggested Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case

BTC Seen To Lose Upward Momentum

Bitcoin currently has a support level of $37,000 and a resistance level of $46,000. According to Patel, crypto investors may see the two major cryptocurrencies, BTC and ETH, lose their upward momentum.  ETH is down by 3% and has been trading below $3,000 since Friday.

“If BTC falls below $35,000, the next significant support level will be $30,000. In the following days, we may see range-bound trading,” Patel said.

Meanwhile, the $42K support level for BTC has morphed into a significant resistance level in the shorter timeframes following the price’s failure to break above it.

At the $42K level, selling pressure was visible, resulting in a sharp plunge to the $39K zone, which is currently being tested.

Featured image from Newsweek, chart from TradingView.com
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Christian Encila
Christian Encila

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.

Read more

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.

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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.

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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

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

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

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