Bitcoin (BTC) saved $ 40,000 in open play on Wall Street on February 25 after a 16% daily gain boosted the bulls’ confidence.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Whales lead the way to $ 40,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD hovered around the $ 39,000 mark in early trading on February 25, and geopolitical turmoil failed to trigger another big sale.
Shares were also higher at the end of the week, with the German DAX up 3% on the day and the FTSE 100 up 4% in London.
Signs of the Russian-Ukrainian conflict gave an extra boost when Ukrainian President Volodymyr Zelensky raised the issue of talks to end hostilities.
This week’s low was $ 34,300 and optimism around the $ 40,000 resistance slowly increased.
Physical indicators on the chart indicate that the “purple whales in management” show a new buying spike from both small and large investors.
“Historically, this category has had the most direct correlation with the price of Bitcoin. If the BTC bulls are able to break above $ 41.5K, the focus should be on $ 45K very quickly.”
Binance order book chart. Source: Fundamental Indicators / Twitter.
Meanwhile, popular trader and analyst Pentoshi revealed that he plans to wait until he reaches $ 40,000 before reducing his bitcoin exposure.
However, as he pointed out, there is still no general model shift in BTC price action over the longer time frame, which has continued to stick to a narrow range.
Bitcoin dominance is pushing higher
Altcoins keeps up with Bitcoin, and provides some relief for trapped backholders.
Related topics: Bitcoin investors buy “Dip” when BTC approaches $ 40K, up 16% in less than 24 hours
Daily gains of 10 percent were popular, while Terra (LUNA) topped the top 10 by market value, up 20 percent on the day to $ 65.40.
Ether (ETH) hovered around $ 2700, still down 5.7% from the same period last week.
“Dominance is still on the way to more gains, although this upward move towards the red level may continue into early March,” commented a trader and analyst at Rekt Capital on the market value of Bitcoin against altcoins.
