Bitcoin whales fuel BTC price comeback as stocks smooth out Russia-Ukraine shocks

Bitcoin (BTC) held $40,000 in the game on Wall Street on Feb. 25, after 16% daily gains boosted bulls’ confidence.

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

Whales “lead the attack” towards $40,000

Data from Coin-Crypto Markets Pro and Trading Display showed that BTC/USD was circling around $39,000 at the start of trading on Feb. 25, geopolitical turmoil not sparking another big sell-off.

Shares also benefited as the week drew to a close, with Germany’s DAX rising 3% that day and London’s FTSE 100 4%.

Signals from the Russia-Ukraine conflict provided an additional boost, with the prospect of Ukrainian President Volodymyr Zelensky entering talks to end hostilities.

With a bottom of $34,300 this week, optimism slowly rose during a rematch with a $40,000 resistance.

“Purple Whales Leading the Attack”, Monitoring Resource Material Indicators noted over a chart showing a new wave of purchases from both small and large investors.

“Historically, this class had the most direct correlation with Bitcoin price. If BTC bulls can move past $41.5K, $45K should come into the picture pretty soon.”

Binance order book chart. Source: Material Indicators/ Twitter

Popular trader and analyst Pentoshi, meanwhile, revealed that he planned to wait until it hit $40,000 before reducing exposure to BTC.

However, as he noted, in longer-term terms, there was still no overall shift in the BTC price action paradigm, which continued to stick to a rigid range.

Bitcoin Dominance Pushes Higher

Altcoins moved in step with Bitcoin, offering some relief to contentious bagholders.

Related: Bitcoin Investors ‘Buy The Dip’ As BTC Approaches $40K, Gaining 16% In Less Than 24 Hours

Daily gains of ten percent were commonplace, while the top ten cryptocurrencies by market capitalization were led by Terra (LUNA), which rose 20% on the day to $65.40.

Ether (ETH) hovered near $2,700, still down 5.7% from the same time last week.

“Dominance is still on track for further upside potential, although this upward progression to the red level could extend into early March,” trader and analyst Rekt Capital commented on a chart showing Bitcoin’s market cap presence versus altcoins.

Bitcoin dominance annotated chart. Source: Rekt Capital/ Twitter

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