Bitcoin Fails to Beat Resistance as $40K Stays Out of Reach at Weekly Close

Bitcoin (BTC) fell $40,000 on Feb. 27 as hopes for the weekly close depended on avoiding a fourth red monthly candle in a row.

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

Tensions are rising for TradFi markets open

Data from Coin-Crypto Markets Pro and Trading Display showed that BTC/USD made several attempts to break out of the $30,000-$40,000 swing on Sunday, all of which ended in rejection.

The pair had largely remained higher throughout the weekend, giving traders some slack after a week of volatility from geopolitics and media headlines.

Now $38,500 was the level to watch for Bitcoin to close out the week and month – failing to do so would mark a fourth consecutive monthly red candle.

As Coin-Crypto reported, bulls were spared a lower low last week, despite the downward movement from the invasion of Ukraine, which came in at $34,300, versus $32,800 in January.

“Cautiously optimistic, this is a short to medium term bottom for BTC,” popular trader and analyst Pentoshi continued

“I’ve hit my 40.3k orders (not great) and will focus on 41.6k for risk reduction. Need to turn that around and there’s a pretty decent upside. I’m still cautious as the macro landscape is anything but bullish imo.”

That macro landscape was about to spark another bout of uncertainty on Monday’s opening, thanks to the West’s moves to close russian banks of offshore liquidity and the SWIFT payment system.

A mention of Russia’s nuclear deterrent by President Vladimir Putin also caused confusion this weekend, with Ukraine and Russia starting negotiations on the Belarusian border on Sunday.

For Bitcoin proponents, the potential knock-on effect of Russian financial sanctions and cryptocurrency’s status as a neutral value transfer network began to take center stage.

“Still Processing the Implications,” Former Coinbase CTO Balaji Srinivasan wrote as part of a Twitter response about the central bank freeze.

“This is a financial neutron bomb. People go bankrupt without blowing up buildings. Hits all 145 million Russians at once, every ruble holder. In a maximalist scenario, possible collapse of the Russian economy.”

For its part, Ukraine started accepting donations for its military in Bitcoin, Ether (ETH) and Tether (USDT). had received his wallets over 91 BTC ($3.57 million), as well as 1,797 ETH ($5.02 million) and $1 million in USDT at the time of writing.

Weekend remains “boring” for crypto

However, for crypto markets in general, there were few opportunities as sentiment remained very much in “wait and see” mode.

Related: Ethereum to $10K? Classic Bullish Reversal Pattern Indicates Potential ETH Price Rally

Of the top ten cryptocurrencies by market capitalization, none have seen any noticeable moves up or down in the past 24 hours.

ETH/USD was trading at close to $2,800, with weekly gains nonetheless approaching 6%.

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

“Pretty dull market moves over the weekend and that’s not weird,” says Coin-Crypto contributor Michaël van de Poppe In summary

“Probably a very hectic and volatile week is approaching with the war in Ukraine. Don’t compromise your positions, just play it slow. Sentiment and momentum can change quickly as a result of these political events.”

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