As for the altcoins, the rises are led by Terra with more than 17%, while Avalanche and Cardano rise above 7%.
The cryptoactive market is holding positions this Wednesday after the recent losses, accompanying the rest of the global markets that seem to be taking a breather after a Tuesday of high stock market tension.
The movement of Russian troops in the separatist regions of eastern Ukraine, in what the Kremlin called a “peacekeeping” mission, provoked a response from the US and Europe in the form of economic sanctions, while the US president, Joe Biden called the Kremlin’s military action an “invasion” of Ukraine.
For your part Bitcoin, in the face of the blows suffered by the markets in general, manages to remain at $38,000. The price action invites pessimism as the digital currency suffered sharp declines after unsuccessfully facing resistance at $45,000.
However, “On the support side, the most important of all of them is at the lows of January at US$32,855”, expressed José María Rodríguez, an analyst at Bolsamanía. “32,500 looks more like the ‘point of no return,'” agreed John Kicklighter, chief strategist at DailyFX.
“The crisis between Russia and Ukraine is affecting all risk markets right now, not just Bitcoin,” said Nicholas Cawley, strategist at DailyFX. “The constant oscillations of good and bad news make it difficult to value and trade the market at the current time,” said the expert, who believes that until this changes “it is difficult to see any reason to trade bitcoin from the long side or the short”.
The expert opined that from a technical perspective, the break below the support at $39,600 leaves Bitcoin vulnerable to further losses.
This negative outlook overshadowed the recent good news in the market, “whose fundamentals are improving day by day,” said Naeem Aslam, an analyst at AvaTrade.
According to analysts, Bitcoin will continue to move sideways with a marginal downward bias “until the conflict in Eastern Europe is resolved,” says the DailyFX analyst. “Bitcoin is an unwitting participant in the volatility that is affecting all risk assets due to the tensions between Russia and Ukraine”explained Edward Moya, an analyst at Oanda, for his part.
“The cryptocurrency rollercoaster won’t end anytime soon, but it could get ugly if Wall Street suffers further sell-off as investors begin to expect a protracted military conflict”he added.
The queen of crypto currencies could be the victim of a fight for cash, Moya expressed, “but once the wave of panic selling passes, the long-term bets would quickly return. Moya added that “hodlers could be put to the test shortly,” using the term for crypto investors who hold their positions regardless of price.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
