Continued tensions between Russia and Ukraine are still the top news on February 22 as bitcoin (BTC) and the global economy in general tremble under pressure while the world waits for some sort of solution to the problem.
Data from Cointelegraph Markets Pro and TradingView show that the BTC price traded in the $ 36,360 to $ 38,330 range on Tuesday as a whirlwind of positive and negative events sent mixed signals to top traders.
1-day BTC / USDT chart. Source: Trading View
Here’s what many crypto market analysts have to say about the recent bitcoin price action and what levels you should look for in the future.
Test the support / retest area again at $ 38,000.
The cyclical nature of BTC’s price action was touched upon by cryptanalyst and Twitter user “Rekt Capital” who posted the following chart showing that Bitcoin is currently testing a key level of support / resistance of $ 38,000.
Weekly BTC / USD chart. Source: Twitter
Rekt Capital sa,
“Every time bitcoin breaks out of the $ 38,000 red resistance range … it comes back to that range to try to test it again before continuing higher. This is shown in green circles. We are now testing again.”
Beyond just testing support and resistance again, this price range has become important when it comes to bullish and bearish market narrative, as shown in the following chart posted by technical analyst Matthew Hyland.
Monthly chart for BTC / USD. Source: Twitter
in Hyland
“Bitcoin has a week to avoid a fourth red light in a row in a month for the first time since the bear market in 2018. The month must close above $ 38,500 to close green.”
You do not have to worry about the amount over $ 30,000
Cryptocurrency trader and Twitter user with the pseudonym “JohalMiles” asked for calm by posting the following chart: “I seem to have a broken record here, but it’s hard to believe how bearish people have become and we are not.” did not even break or test $ 30,000. ”
Weekly BTC / USD chart. Source: Twitter
In a subsequent response to a tweet from JohalMiles, a cryptanalyst and Twitter user under the pseudonym “PlanC” agreed with this view and asked for a bull run.
plan sa,
“Basically, if we do not break below $ 30,000 and stay below $ 30,000 for a few weeks, I am optimistic. The $ 28,000- $ 30,000 level was very strong support for the year.”
Related: Bitcoin Mayer Returns Multiple to July 2021 Levels Again $ 37K BTC Mark is a Long Term Purchase
Emotions indicate that the end is near
The latest insight-driven bit for bitcoin market sentiment was provided by a market analyst and Twitter user under the pseudonym “Crypto5max”, who noted that “based on sentiment is the end near” and published the following chart showing an extended NVT signal. , a calculation that divides Bitcoin’s market value by a 90-day moving average of daily transaction value.
Extended NVT signal. Source: Twitter
Crypto5max sa:
“Of course we could have swung many times, as in the S / R test in 2021, but there is a lot of data pointing to the bottom. You are as always. But I would like to see fear in the market and have a different opinion (optimistic) .) “.
