Bitcoin (BTC) returned from a weekly low on March 8 after a lack of progress in Russian-Ukrainian talks caused markets to crash.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Commodities that “act as shares of memes”
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD jumped $ 37,170 on Bitstamp after Wall Street opened on Monday.
The overnight rise maintains support, with the pair trading at around $ 38,500 at the time of writing.
Cryptocurrencies and stocks reacted poorly to the lack of consensus that ended the third round of talks to end hostilities between Russia and Ukraine.
“There are small positive improvements in improving the logistics of humanitarian corridors … Intensive consultations continued on the main policy set of rules, along with a ceasefire and security guarantees,” negotiator Mykhailo Podoliak tweeted as part of the comments after the talks ended. . . .
However, the news was not enough to give any hope. US stocks fell through the session, and the S&P 500 closed down 2.95% on Monday.
Meanwhile, commodities often experienced unique increases, such as the price of nickel, which rose above $ 100,000 per tonne on the London Metal Exchange.
Meanwhile, the pain for Russia continued as ruble-exposed investors only saw BTC hedging and some relief. On Monday night, the BTC / RUB price reached a record high of over 5 million RUB on Binance.
1-day candlestick chart for BTC / RUB (Binance). Source: Trading View
Despite the chaos and the lukewarm reaction to the price of bitcoin as a safe haven, paradoxically linked to equities, fanatical supporters still expressed confidence.
“The world is looking at trust as it is re-evaluated in real time,” summed up Marty Bennett, founder of the bitcoin media company TFTC.
“When the dust settles, Bitcoin becomes the biggest advantage of BC, the masses will realize that a distributed system that can not be controlled by one person, government, institution or coalition is the only thing they can trust.”
The concerns of US regulators also contributed to market volatility.
$ 40,000 will be a short-term goal
For trading on the lower time frame, Bitcoin looked quite unattractive to many, with definitely limited upside potential.
RELATED: 3 Reasons Why Bitcoin May Return to $ 60,000 Despite Last Week’s Earnings Erasure
For popular Anbessa and Crypto Ed traders, $ 40,000 remained a clear bullish divergence target.
“The goal can be set better when this update is complete, but it is currently around 40K fixed,” Krypto Ed added.
As the Cointelegraph reported, upcoming events in the US, especially the data from the Consumer Price Index (CPI) coming on Thursday and the decision to raise interest rates next week, may dampen sentiment in the short term.