Tensions between Russia and Ukraine have risen recently, with more than 100,000 Russian troops stationed on the Ukrainian border. All this negative news and the possibility of war between countries caused great fear among investors in financial markets, including the digital currency market.
Many cryptocurrency traders were terrified of the recent downturn, but according to Glassnode's On-Chain data, more than 60% of bitcoins have been left untouched in the recent downturns. This news means that many people still see an upward trend in bitcoin.
Mike McGlone, Bloomberg's senior commodity market strategist, has warned that bitcoin is facing tough weeks. The financial market analyst also noted that given the Biden government's efforts to reduce inflation, reducing inflation will only be possible with the devaluation of high-risk markets (such as the cryptocurrency market).
✅Well, Let's go for analysis on a daily timeframe.
The buyer's inability to defend the $ 39,600 support showed that the Bears were in power and could lower the price to around $ 38,000. The 20-day moving average (EMA) is bearish, and the relative resistance index (RSI) is in the negative range, which means that the trend is in the hands of bears.
If the price stays below $ 39,600, the downtrend could accelerate and cause bitcoins to fall to the next support range of $ 36,250 and $ 35,507, which are relatively strong supports.
If Bitcoin is not supported by the Bulls in the $ 35,000 support range and purchases do not increase, Bitcoin may see its current low support. This is the strongest support for Bitcoin and covers the range of $ 30,000.
But if the price can recover and push itself back above the $ 39,600 range, we can expect more growth for Bitcoin. Of course, the 20-day moving average should also go up.
In general, to consider the bitcoin trend to be upward, the price must reach above $ 45,000.