Bitcoin bulls set to look at 52K?

Author: Trade Pro Skills

Tuesday, 01 March 2022 Number of words: 320 Study time: 2 Minutes Views: 65


The new world order and the future of cryptocurrencies

Market analyst – IFC Markets

As you know, Bitcoin gained 15% from yesterday's low at the current price, as Russians look for alternative means of payments. After that most developed countries applied sanctions against Russia, BTC gets more interest as people in Russia dive into Bitcoin as an alternative method of payment and money transaction and it means we can wait even for more interest in that as long as the current sanctions are imposed on Russia and its ruble.

On the other hand, as we read in the news, Ukrain, some EU members, and US officials already asking crypto exchanges to apply sanctions against registered Russian wallets, including ordinary citizens. So far, and as we read, all exchanges ignored the request. However, there is an important question, what if they do?

If the exchanges accept the requests and ban the wallets, then not just the exchanges, even the crypto world by itself also will lose the user's trust, which is not positive news for crypto markets. On the other hand, ignoring this request also means that they have to stay against more than 70% of the global economy, as the US, EU, and Japan have so far applied sanctions against Russia, while cryptocurrencies will resolve to circumvent these sanctions. 

The answer to this question will make it clear for us in the mid-term where BTC will go. Will that be the way towards a new all-time high or dive towards deeper prices? 

From the technical point of view, in the daily chart finally, the market volume started moving above 20 DMA, this is while in the H1 and H4 charts, it is way above 20 MA line. As you can see in the bellow figure, we have strong resistance at 45,300 and any bullish trend needs a price above this level. Breathing above this level will put the 52K in the spotlight as the next key level. 

Bitcoin bulls set to look at 52K?

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