Bitcoin price witnessed a sharp jump in the last 24 hours amid Russia-Ukraine conflict. The world’s largest cryptocurrency jumped nearly 13 per cent to $43,103.52 on March 1, according to CoinMarketCap. After a huge tumble earlier this year, the price of Bitcoin gained nearly 15 per cent in last one week.
Talks between Ukrainian and Russian negotiators could continue over the next few days. Meanwhile, the United States and other Western countries have imposed more sanctions on Russia. On Monday, US Treasury Department prohibited transactions with the Central Bank of Russia and placed sanctions on a key Russian sovereign wealth fund.
On Bitcoin price outlook, WazirX trade desk said, “Bitcoin surged above $44,000 with the Total crypto markets gaining by $200 billion within a span of a few hours as the Russian Ruble collapsed by 30 per cent. Bitcoin has broken out of the triangle pattern in the hourly time frame. The RSI for Bitcoin has jumped over 50 for the first time in nearly two weeks. We could see buying momentum picking up in the coming days. The next resistance for Bitcoin is expected at $44,500.”
Cryptocurrency Mega Rally: Why Bitcoin Price Surges Sharply
“The cryptocurrency market saw sharp rallies across the board, with bitcoin gaining 15 per cent in the last 24 hours, and other major big caps averaging over 11 per cent. The word on the street has been that of Russians scrambling to shore up cryptocurrency in a bid to safeguard wealth and to circumvent strict capital controls put in place by the Russian government. The unwinding of net short positions by traders, driven by a short squeeze also added to the huge price spike. While things may appear to be looking bright, the macro-related challenges plaguing global economies remain. We continue to favour a more cautious allocation in the market, till it becomes more apparent that we are truly out of the woods,” CoinDCX Research Team.
Ether Price Future
“Ethereum climbed over $2,900. The hourly trend pattern for Ethereum indicates a breakout from the triangle pattern. The next resistance is expected at $3,280. With Ukraine receiving increasing amounts of donations in cryptocurrency and the Russian fiat currency crashing, we may see some upside in the crypto markets in the days to come,” said WazirX trade desk
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