Bitcoin Consolidates After $40K Rise As Analysts Seek Higher Low For BTC Price Weekly

Bitcoin (BTC) started a nervous weekend around $39,000 on Feb. 26, after an overnight spike briefly brought back $40,000.

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

Stocks gain but crypto “fear” permeates

Data from Coin-Crypto Markets Pro and Trading Display revealed calmer conditions for BTC/USD Saturday after overnight volatility saw highs of $40,330 on Bitstamp.

With traditional markets closed, the likelihood of “fake-out” up or down has increased thanks to smaller weekend volumes in crypto markets.

Geopolitical turmoil centered on Ukraine and occupying Russia set the stage for continued cautious sentiment amid concerns that Monday, in particular, could spark new instability.

The Crypto Fear & Greed Indexwhile sliding towards the end of the week, remained in the low “anxiety” zone at 26/100.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

A potential silver liner for Bitcoin bulls, meanwhile, emerged from the weekly chart. With the recent low of $34,300 during the invasion of Ukraine, BTC nevertheless managed to hit a higher low from the $32,800 dip in January.

If that continued, trader and analyst Rekt Capital suggested, February’s comedown of $45,500 would most likely prove to be a “necessary” consolidation move.

Macro markets, meanwhile, ended the week on a high, with significant rebounds for both the European and US indices.

The US dollar, which had risen in strength when hostilities began, returned most of its gains, with the US dollar currency index (DXY) returning to 96.5 from highs of 97.7.

US Dollar Currency Index (DXY) 1 Hour Candle Chart. Source: TradingView

LUNA leads top ten altcoins higher

Altcoins presented a mixed but generally strong picture on Saturday, with large tokens led by Terra (LUNA) up nearly 50% in a week.

Related: Price Analysis 2/25: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

With Bitcoin cooling, there were still some late gains, including for XRP, which was up 10.3% in the 24 hours as of writing.

Ether (ETH), the largest altcoin by market cap, traded above $2,750 on the back of 5.6% daily gains after trying to challenge $2,900 overnight.

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

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