• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Bitcoin Holders Brace For Storm, Will BTC Break Through $44K Barrier?

Reynaldo Marquez by Reynaldo Marquez
6 months ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin has been moving sideways during the past week with a 0.7% profit as it trades at $42,709. The first crypto by market cap has held on to critical support as it was rejected at the mid area of its current levels.

Related Reading | Ukrainian Defense Efforts Bolstered By Crypto Donations

Bitcoin BTC BTCUSD
BTC with minor gains on the daily chart. Source: BTCUSD Tradingview

Per a recent report from Bitbank’s crypto analyst, Yuya Hasegawa Bitcoin has seen selling pressure triggered by the possibility of a shift in monetary policy from the U.S. Federal Reserve (FED). In addition, the crypto market could be reacting to the rise in tensions around the Russia-Ukraine situation.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The Russian Federation has been making several bullish announcements regarding cryptocurrencies, but as Hasegawa claims, the country could be preparing to use digital assets in case the situation escalates into a full-on conflict with Ukraine and a NATO intervention. The analyst said:

(…) this move may be a crafty preparation to circumvent the possible financial sanction–like exclusion from the SWIFT–that could be enforced once the country starts to attack Ukraine. If this is the case, it could be bad press for bitcoin and the crypto industry as a whole, and it might spark a discussion to further regulate cross-border crypto payment.

In this scenario, Bitcoin could extend its gains as investors acquire the cryptocurrency and precious metals to protect their wealth. However, any profits could be short-lived if the Russian-Ukraine situation impacts the U.S. stock market.

Data from Material Indicators shows that Bitcoin could see support around the $41,000 area as $10 million in bids orders sit at those levels. $40,500 could mitigate any downside in case previous levels fail with $39,700 acting as the last line of defense against a return to previous lows.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

To the upside, Bitcoin faces major resistance as there are over $20 million in ask orders sitting at $44,000 alone. These orders could prevent any future bullish momentum to gain significant terrain, but they could also be operating as a psychological barrier and could be removed if the market shows strength.

Bitcoin BTC BTCUSD MI
Bitcoin (blue in the chart) moving into major resistance zone on $44K (white line above chart representing ask orders). Source: Material Indicators

Bitcoin Investors De-Risk Their Positions

A separate report from Glassnode Insights concurs with Hasegawa’s thesis and the fears about a potential conflict between Russia and Ukraine. These uncertainties were priced-in by the derivatives sector with the “futures term structure curve until March”.

Bitcoin and crypto investors are de-risking their positions in futures and have been taking put options to hedge against any future downside. Glassnode added:

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Simultaneously, on-chain supply dynamics are remarkably stable, a likely indication that investors are prepared to ride out whatever storm lies ahead, preferring to utilize derivatives to hedge out risks. Overall, this speaks to the continuing maturation of the Bitcoin market, as liquidity deepens, and more comprehensive risk management instruments become available.

Related Reading | TA: Bitcoin Breaks Key Support, Why BTC Could Dive Below $40K

The spot sector and BTC on-chain inflows seem to be operating in favor of the bulls and dismissing any fear around the Ukraine-Russia situation.

Tags: bitcoinbtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

bitcoin

Bitcoin Falls To Decisive Line At $21,500, What Levels Should BTC Hold?

3 hours ago
Bitcoin Tumbles As Fed Opts For Restrictive Rates

Bitcoin Tumbles As Fed Opts For Restrictive Rates

22 hours ago
Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

1 day ago
Bitcoin

Why Bitcoin Is Cheap At $23,000, Says Fidelity Expert

1 day ago
Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

1 day ago
Ether options surpass Bitcoin options

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Near-term Profits With These Cryptos; Uniglo (GLO), Cosmos Hub (ATOM), And Pancakeswap (CAKE)

August 19, 2022

World’s First Auto-Rebasing Layer 1 Blockchain Is Set for 2023 Release

August 19, 2022

StarBlock Token (STB) Is Now Available for Trading on LBank Exchange

August 19, 2022

LBank Exchange Will List BTCMININGNFT (BMN) on August 19, 2022

August 19, 2022

Investors’ Attention Turn from Sushi (SUSHI) and Holo (HOT) To Favorite Degrain (DGRN)

August 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.