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    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

    Uniswap Labs Acquires NFT Startup Genie

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

    Economic Fail Or Key To A Creative Future?

    Economic Fail Or Key To A Creative Future?

    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

    OpenSea Tightens Security To Prevent NFT Scams And Fraud

    OpenSea Tightens Security To Prevent NFT Scams And Fraud

  • Metaverse
    Demystifying Metaverse Competition - NFT News Today

    Demystifying Metaverse Competition

    The Go-To Marketplace For All Things Metaverse

    The Go-To Marketplace For All Things Metaverse

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    The Web 3 LAND Sale

    The Web 3 LAND Sale

    Disney Metaverse

    Disney Hires Former Apple Executive to Head Metaverse Creative Strategy

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    Man wearing smart glasses touching a virtual screen to access the metaverse

    How The Metaverse Can Change Mental Health For The Better

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

  • Analysis
    Bitcoin

    Bitcoin Price Eyes Upside Break, Why BTC Could Surge to $23K

    bitcoin google

    Is Bitcoin Like Buying Google Early? The Shocking Comparison

    Harmony's Cross-Chain Bridge Exploited for $100M

    Harmony’s Cross-Chain Bridge Exploited for $100M

    Ethereum Key Indicators Suggest Strengthening Case For More Upsides

    Ethereum Key Indicators Suggest Strengthening Case For More Upsides

    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

    Bitcoin

    Bitcoin Could Restart Increase If The Bulls Clear This Resistance

    Ethereum

    What Could Trigger Sharp Decline

    Bitcoin

    Bitcoin Trims Gains, Why 100 SMA Could Trigger Fresh Increase

    Ethereum

    Ethereum Tops Near $1,200, Why Dips Could Be Attractive

  • Learn About Crypto
    What Is a Decentralized Exchange (DEX)?

    What Is a Decentralized Exchange (DEX)?

    What Is Ethereum 2.0 (The Merge)?

    What Is Ethereum 2.0 (The Merge)?

    Breaking: ExxonMobil is Mining Bitcoin With Natural gas

    Iran Cuts Power Supply To Crypto Mines;

    What Is Crypto Lending

    What Is Crypto Lending

    How to Survive a (Crypto) Bear Market

    How to Survive a (Crypto) Bear Market

    Top 6 Crypto Events for June 2022 – Coingape

    What Is A Bull Flag Pattern and How to Use It

    What Is A Bull Flag Pattern and How to Use It

    A Beginner’s Guide To Reversal Candlestick Patterns

    A Beginner’s Guide To Reversal Candlestick Patterns

    Wash Trading: What Is It and How Does It Work?

    Wash Trading: What Is It and How Does It Work?

  • Regulation
    Singapore’s changed stance on crypto

    Singapore’s changed stance on crypto

    Pro-BTC Commissioner Hester Peirce Blasts Regulators, Says SEC Agenda Will Trigger ‘Dangerous’ Market Conditions

    Pro-BTC Commissioner Hester Peirce Blasts Regulators, Says SEC Agenda Will Trigger ‘Dangerous’ Market Conditions

    Gensler appeals for ‘one rule book’ in negotiations with CFTC over crypto regulation

    Gensler appeals for ‘one rule book’ in negotiations with CFTC over crypto regulation

    US State Passes Legislation Allowing Financial Institutions To Offer Crypto Custody Services

    US State Passes Legislation Allowing Financial Institutions To Offer Crypto Custody Services

    CBDC may threaten stablecoins, not Bitcoin: ARK36 exec

    CBDC may threaten stablecoins, not Bitcoin: ARK36 exec

    ‘Brutal and unrelentingly hard:’ Singapore regulator’s clampdown on crypto

    ‘Brutal and unrelentingly hard:’ Singapore regulator’s clampdown on crypto

    Cardano founder steals the show at Congressional hearing on crypto regulation

    Cardano founder steals the show at Congressional hearing on crypto regulation

    Hoskinson pitches software-enabled crypto self-regulation to Congress

    Hoskinson pitches software-enabled crypto self-regulation to Congress

    Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

    Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

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Why Bitcoin Won’t Crack Over Fresh Bear Assault, Next Target For BTC

February 22, 2022
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Bitcoin continues to trade to the downside after it was rejected at around $45,000 last week. The crypto market, in general, has been following a downtrend with Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), and others recoding over 10% losses in the past 7-days.

Related Reading | Bitcoin Prices Bear The Brunt Of Long Liquidations And Geopolitical Tensions

At the time of writing, Bitcoin trades at $37,638 with a 12% loss over that period.

Bitcoin BTC BTCUSD
BTC trends to the downside on the daily chart. Source: BTCUSD Tradingview

The benchmark crypto seems to be negatively reacting to the latest developments between Russia and Ukraine. Yesterday, the president of the Russian Federation Vladimir Putin acknowledged the independence of two Ukrainian regions ruled by leaders with separatist tendencies.

This has heated up the situation with Russian sending in troops to “guarantee the security” of those territories. According to Yuya Hasegawa from crypto exchange BitBank, BTC’s price trends lower alongside the wider financial market.

Investors seem to be entering a period of risk-aversion which directly affects cryptocurrencies, considering some of the riskier assets. The situation might see some relief during the week as representatives from Russia and the U.S. could reach a diplomatic agreement, but that possibility seems to be fading. Hasegawa said:

(…) with the gas pipeline explosion in eastern Ukraine last Friday, increased Russian military presence at the border, heavier financial sanction on Russia, and the U.S. PCE announcement coming up this Friday, there seems to be only little reason to take on any risks right now.

The analyst has set a Bitcoin price between $32,000 to $43,000 in the coming days. Data from Material Indicators show a lot of resistance for BTC’s price around $40,000.

As seen below there is as much as $20 million in asks orders which could prevent the bulls from retaking these levels in the short term. On the downside, $36,000 could operate as good support with $5 million in bids orders sitting around that price mark.

Bitcoin BTC BTCUSD
BTC price (blue line in the chart) with potential resistance above (yellow and red, asks orders, above price). Source: Material Indicators

Will The Price Of Bitcoin Hold Off The Bears?

QCP Capital has been recording “aggressive volume-selling” any time Bitcoin attempts to make a run to the upside. The firm coincides with the relevance of the Ukraine-Russia situation for global markets and the apparent imminent hike in interest rates from the U.S. FED.

However, QCP Capital remains optimistic based on the drop in leverage long positions with BTC’s price current price action. These positions have been cleansed out of the market without impacting funding rates on BTC futures.

Related Reading | Tether & The Swiss City Of Lugano Promise “Europe’s BTC Capital.” Is It, Though?

In addition, the firm believes any future interest rate hike by the U.S. FED has already been priced in by market participants. QCP Capital said the following on BTC’s price potential fate for the short-term:

We think it will be more of a grind lower with the possibility of short-squeezes on positive headlines. These spikes in spot price would probably be met with aggressive spot selling, capping the topside.



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Tags: AssaultBearBitcoinBTCCrackFreshTargetWont
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  • bitcoinBitcoin(BTC)
    $21,137.000.090% 24H
    BITCOIN
    24H : 0.090%
    Volume : $17,000,622,922.00
    Marketcap : $402,945,136,736.00
  • ethereumEthereum(ETH)
    $1,198.17-1.22% 24H
    ETHEREUM
    24H : -1.22%
    Volume : $12,153,914,259.00
    Marketcap : $145,249,218,336.00
  • tetherTether(USDT)
    $1.000.020% 24H
    TETHER
    24H : 0.020%
    Volume : $32,598,458,956.00
    Marketcap : $66,832,980,164.00
  • usd-coinUSD Coin(USDC)
    $1.00-0.31% 24H
    USD COIN
    24H : -0.31%
    Volume : $3,603,743,711.00
    Marketcap : $55,905,090,511.00
  • binancecoinBNB(BNB)
    $234.44-0.91% 24H
    BNB
    24H : -0.91%
    Volume : $924,546,883.00
    Marketcap : $38,208,286,586.00