Bitcoin consolidates after $40K surge as analyst eyes weekly higher low for BTC price

After an overnight spike that briefly saw $40,000, Bitcoin (BTC), began a nervous weekend around $39,000 on February 26.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Stocks gain but crypto “fear” pervades

After overnight volatility that reached highs of $40,000.33 on Bitstamp, data from TradingView and Cointelegraph Markets Pro showed calmer conditions for Bitcoin/USD Saturday.

Traditional markets being closed, the likelihood of fakeouts was higher due to lower weekend volumes on crypto market.

Despite concerns that Monday could bring new instability, the geopolitical turmoil surrounding Ukraine and Russia provided a backdrop to continued cautious sentiment.

While the Crypto Fear & Greed Index was increasing towards the end, it remained at 26/100.

Screenshot: Crypto Fear and Greed Index Source: Alternative.me

The weekly chart provided a potential silver lining to Bitcoin bulls. BTC’s recent low of $34,300 on the Ukraine invasion saw it reach a new low that is higher than January’s dip of $32,800.

If that holds, analyst and trader Rekt Capital believes February’s fall from $45,500 to $45,500 would be a necessary consolidation move.

#BTC Mission Accomplished$BTC #Crypto #Bitcoin pic.twitter.com/IYHnRJFDlu
Rekt Capital (@rektcapital), February 25, 2022

The week ended on a high note for macro markets, with notable rebounds in both the European and U.S. indexes.

After a surge in strength during hostilities, the U.S. Dollar currency index (DXY), which was at its highest point of 97.7, has lost most of its gains. It is now back at 96.5, after a high of 97.7.

U.S. dollar currency indicator (DXY), 1-hour candle chart. Source: TradingView

LUNA is the top-ten altcoins.

Altcoins showed mixed results, but overall strong performance Saturday. Terra (LUNA) led major tokens was up nearly 50% in a single week.

Similar: Price analysis 2/25 BTC, ETH and BNB: XRP. ADA, SOL. AVAX. LUNA. DOGE.

Some late gains still held out despite Bitcoin’s cooling. XRP was 10.3% higher in the 24 hours prior to writing.

Ether (ETH), which is the largest altcoin market cap, traded above $2,000. This was due to 5.6% daily gains and having attempted to challenge $2,000.00 overnight.

BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView

https://cointelegraph.com/news/bitcoin-consolidates-after-40k-surge-as-analyst-eyes-weekly-higher-low-for-btc-price