Bitcoin stayed below $40K, but BTC price hits another all-time high against the Russian ruble

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Bitcoin (BTC) rebounded from its week-long low on March 8 after a lack of progress in Russia-Ukraine talks sent markets crashing.

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

Commodities “trade like meme stocks”

Data from Coin-Crypto Markets Pro and Trading Display showed that BTC/USD bounced at $37,170 on Bitstamp after Wall Street opened on Monday.

The night’s progress held the support with the pair trading around $38,500 at the time of writing.

Crypto and stocks had reacted badly to the third round of negotiations to end hostilities between Russia and Ukraine, which ended in a lack of consensus.

“There are small positive subductions in improving the logistics of humanitarian corridors…Intensive consultations have continued on the basic political bloc of regulation, along with a ceasefire and security guarantees,” nevertheless negotiator Mykhailo Podolyak tweeted as part of feedback after the conversations.

However, the news wasn’t enough to offer any hope – US stocks fell during the session, the S&P 500 ended Monday with losses of 2.95%.

Commodities, meanwhile, saw spikes that were often unprecedented, such as nickel leaping more than $100,000 a ton on the London Metal Exchange.

At the same time, the pain for Russia continued, with only investors exposed to rubles plunging into BTC saw any sort of relief. On Monday evening, BTC/RUB hit new all-time highs of just over 5 million on Binance.

BTC/USD 1 Day Candlestick Chart (Binance). Source: TradingView

Amid the chaos, and despite Bitcoin’s lackluster price reaction as a safe-haven that was paradoxically correlated with stocks, there were still voices of confidence from diehard supporters.

“The world sees trust being re-priced in real time,” said Marty Bent, founder of Bitcoin media company TFTC In summary†

“When the dust settles, bitcoin will be the greatest benefactor as the masses will realize a distributed system that cannot be controlled by a single person, government, company or coalition is the only thing they can trust.”

Meanwhile, regulatory concerns from the US also contributed to the cold feet of the market.

$40,000 becomes short-term goal

For low-time frame transactions, Bitcoin nevertheless looked quite unappealing to many, with clearly limited upside potential.

Related: 3 Reasons Bitcoin May Rising Back To $60K Despite Erasing Last Week’s Gains

For popular traders Anbessa and Crypto Ed, $40,000 remained a clear target for a bullish divergence.

“The target could be better defined once that correction is complete, but stick with ~40k for now,” Crypto Ed added†

As Coin-Crypto reported, upcoming events in the US, particularly consumer price index (CPI) data expected on Thursday and a decision on rate hikes next week, could disrupt short-term sentiment.

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