News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Bitcoin (BTC/USD) Soars as Russia-Ukraine Tensions Ease

Bitcoin (BTC/USD) Soars as Russia-Ukraine Tensions Ease

Tammy Da Costa, Analyst

Bitcoin, USD Talking Points

  • Bitcoin prices surge, easing Russia-Ukraine tensions boost gains
  • BTC/USD clings to $400,000 in an effort to retest February highs.
  • Price action remains conflicted at key Fibonacci levels

Bitcoin prices are currently trading approximately 4% higher for the day after Russia announced that it was planning to withdraw some troops from the Ukrainian border. With the ‘partial troops pullback’ decision supporting riskier assets, BTC/USD remains supported above $44,000.

As risk sentiment and major event risk continue to drive sentiment, prices remain between key technical levels which will likely play an additional role in determining Bitcoin’s next move.

Bitcoin (BTC/USD) Technical Analysis

After breaking above the falling wedge earlier this month, the momentum of the bullish trend gained traction before running into a wall of resistance at $44,000, a level which continues to hold bulls at bay.

Bitcoin Daily Chart

Bitcoin (BTC/USD) Soars as Russia-Ukraine Tensions Ease

Source: TradingView, Chart by Tammy Da Costa

Meanwhile, on the hourly chart below, prices remain above the 200-period MA (moving average) at $43,258, which continues to provide support for the imminent move. After failing to break above current resistance at $44,000, bears were temporarily able to dive prices lower throughout last week before rebounding off of the prominent level of support at $42,000.

Now, as tensions between Russia and the Ukraine appear to ease, ‘risk-on’ sentiment has enabled BTC/USD to regain confidence as bulls aim to break through the 61.% Fibonacci retracement at $44,066. A break above that level could see a retest of $46,000 and towards the next level of $50,000.

Bitcoin Hourly Chart

Bitcoin (BTC/USD) Soars as Russia-Ukraine Tensions Ease

Source: TradingView, Chart by Tammy Da Costa

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES