Bitcoin Analysts See Crucial Levels To Hold After BTC Price Nears $45K, Ethereum $3K

Bitcoin (BTC) checked its last gains at the opening of Wall Street on March 1, as bulls tried to defend $44,000 highs.

BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView

BTC weekly gains hit 17%

Data from Coin-Crypto Markets Pro and Trading Display followed BTC/USD as it fell from its local peak of $44,980 on Bitstamp on the opening bell.

The second day of trading in the background of armed conflict in Europe continued a surprisingly cool phase for US stocks on Tuesday, with only oil showing the knock-on effects of the Ukrainian war.

Bitcoin, on the other hand, held onto the bulk of its advances, which were seriously fueled Monday. Compared to the same time a week ago, BTC/USD was up 17% at the time of writing.

“$44k has been tested a million times, I wouldn’t want to get caught shorting,” the popular Twitter account DonAlt summed up as part of a after over short terms.

“$40k good support if we got a surprise dip.”

Bitcoin thus improved its image as a potential safe haven in times of struggle, reversing initial losses as the situation in Ukraine began to unfold late last week.

“Bitcoin is proving itself a safe haven in times of global uncertainty. It has outperformed any other asset class by an order of magnitude since the invasion of Ukraine,” Charles Edwards, founder of crypto fund Capiole explained

At the time of writing, BTC/USD fell towards the $43,600 zone that fellow analyst Nebraskan Gooner had previously marked as a necessary zone to hold for the daily close.

Smaller crypto wallets are starting to hit record highs

Activity related to Bitcoin and Ether (ETH) wallets in particular, meanwhile, continued to grow.

Related: $300M in Crypto Liquidations Accompany Bitcoin’s Rise to $44K

According to data from on-chain analytics firm Glassnode, smaller ETH addresses with at least 0.01 ETH and BTC addresses 0.1 BTC both hit record highs.

21.9 million 0.01 ETH wallets and 3.35 million 0.1 BTC wallets were detected on Tuesday.

BTC wallet address chart. Source: Glassnode/Twitter

ETH/USD returned to $3,000 on the day, a two-week high.

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