After a week of pullback and consolidation, the crypto market has entirely reversed its course. Over the last few hours, the larger cryptocurrency market has seen massive buying, with Bitcoin (BTC) gaining more than 15%. Bitcoin is currently trading at $43,219, with a market capitalization of $819 billion as of press time.
Bitcoin has recently been a focal point of the Russia-Ukraine conflict, with donations in BTC flowing from all around the world to Ukrainians. It remains to be seen whether today’s price spike is the start of a strong trend reversal. Bitcoin (BTC) is, on the other hand, heading closer to its 100-day moving average (DMA).
We could see a move to the 200 DMA if there is a breakout above this.
Despite the big correction and fears of a Russian-Ukraine war, Bitcoin accumulation addresses have been on the rise, which is a bullish sign. In fact, in the month of February, they’ve taken on a parabolic shape.
According to Santiment, an on-chain data source, there was a lot of FUD last week as a result of the announcement of the battle, and trader confidence plummeted to its lowest level since October 2020.
“Historically, when a week of this level of FUD and negative posts from the crypto crowd occurs,”
“prices have a tendency to bounce higher. It hasn’t been surprising to see that this breakout”
“occurred immediately following the lowest point we’ve seen weighted social sentiment”
“hit since October, 2020.”
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