Bitcoin Prices Bear The Brunt Of Long Liquidations And Geopolitical Tensions

Christian Encila

1 year ago

2 mins read

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Bitcoin prices declined for the sixth day in a row Tuesday, falling about 12% from the same time last week.

BTC/USD fell to a low of $37,358.00 to begin the trading week after reaching a high of $39,394.44 on Sunday.

BTC fell to its lowest level since February 4 as it approached its long-term support of $37,200. The crypto’s price strength is now fully oversold, with the 14-day RSI tracking at 39, its lowest level in more than three weeks.

The most recent BTC drop on February 21 brought the world’s leading cryptoasset close to $37,000, but a surprise bounce in the late hours Monday saw BTC trade at $38,607.

Related Article | TA: Bitcoin Resumes Slide, Why BTC Bears Aim $35K

According to market statistics, Bitcoin is presently seeing a “tepid” demand, with the asset’s price fluctuating around $38,000, down 44.97% from its all-time high.

There were about 275K daily active entities on the Bitcoin network as Tuesday. This activity level was significantly lower than its bull market highs, indicating decreasing demand from new customers.

Sustained Liquidations Deal Heavy Blow On Bitcoin Prices

However, Bitcoin’s long liquidations continued, with more than $30 million drained in just one hour, the second-highest hourly amount in four days and the third-highest hourly amount in nearly a month.

The Bitcoin price drop appeared to shake up the market and market players; nevertheless, the coin seemed to make some attempts at recovery.

BTC is trading at $37,792.12, down 1.57% Tuesday. On the upside, the price could run across resistance near $37,800. The next significant resistance is near $38,200, above which the price might rise to $39,500.

BTC total market cap at $713.045 billion in the daily chart | Source: TradingView.com

Bearish Week For Ethereum

Similar to Bitcoin, Ethereum prices were down to start the week, with the world’s second-largest cryptocurrency trading over 9% lower than it was on Monday.

ETH/USD hit an intraday low of $2,585.95, its lowest level since February 3. The impending fall cross of the 10-day and 25-day moving averages, which only recently gave vital signs of more rising momentum, has been delayed by this minor bounce.

If a recovery wave occurs, the market may encounter resistance near $2,680. The following central resistance zone is at $2,750, above which the price might reach $2,880.

Fear Grips Crypto As Ukraine-Russia Tensions Escalate

Uncertainty and increasing tension between Russia and Ukraine sank the global crypto market to its lowest level this week, resulting in massive losses for investors.

Russian President Vladimir Putin has given the go-signal Tuesday for Russian forces to take two Ukraine regions reportedly held by the rebels, drawing the ire of the West.

Meanwhile, investors continued to avoid risky assets in the face of geopolitical tensions, putting downward pressure on Bitcoin and other cryptocurrencies.

The crypto community was prompted to unload their “risky” digital assets to safeguard their portfolios from additional price losses.

Featured image from Moneycontrol, 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.