Bitcoin (BTC), which was $40,000, was still in play on Wall Street. This is after bulls’ confidence increased to 16% per day.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Whales are “leading the charge” to $40,000
TradingView and Cointelegraph Markets Pro data showed that BTC/USD was trading at $39,000 by the beginning of February 25, with geopolitical turmoil not causing a new major sell-off.
Stocks also saw a positive end to the week, with the DAX in Germany up 3% and the FTSE 100 in London up 4%.
The Russia-Ukraine conflict signaled an additional boost. There was also the possibility that Volodymyr Zelensky, the Ukrainian president, would raise the possibility of negotiations to end hostilities.
With $34,300 as the floor this week, optimism slowly increased over a rematch against $40,000 resistance.
Monitoring resource Material Indicators observed that purple whales are leading the charge. They also noted a chart showing an increase in buying from small and large investors.
“Historically, this class has shown the greatest correlation to Bitcoin prices. If BTC bulls push past $41.5K then $45K should be in focus very quickly.
Chart for Binance orderbook. Source: Material Indicators/Twitter
Pentoshi, a popular trader and analyst, said that he would wait until $40,000 was reached before reducing BTC exposure.
Have my next sells at 40.3k (initial was 38.5 for TP1) (1) 38.5k (2) 40.3 (3) 41.6k 40.7k is the summer range high and looks like market will likely get another stab at it for $BTC Will look for 37.5-38k to hold on any dips this weekend Still no HH so playing this range https://t.co/u6JTk0WCxl pic.twitter.com/Ra1Ej46HdG
— Pentoshi (@Pentosh1) February 25, 2022
He noted that there had been no shift in the overall paradigm for BTC price action over longer timeframes. It remained fixed at a set range.
Bitcoin dominance pushes higher
Altcoins have moved in line with Bitcoin, offering some relief to bagholders who are struggling.
Related: Bitcoin investors “buy the dip” as BTC closes $40K, increasing 16% in 24 hours
Daily gains of 10% were not uncommon, and the top ten cryptocurrencies according to market cap were led Terra (LUNA), up 20% on the daily to $65.40.
The Ether (ETH), hovered around $2,700, which is still 5.7% lower than the previous week.
Rekt Capital analyst and trader Rekt Capital said that “Dominance” is still on track to continue its upward trajectory towards the red level. However, this upward trend towards the red level could extend into March.” Rekt Capital also commented on a chart showing Bitcoin’s market capital presence relative to other coins.
Annotated chart of Bitcoin dominance Source: Rekt Capital/ Twitter