Bitcoin Slows Plunge Below $40K, What’s The Best Point For A Pullback?

Bitcoin continues to trend lower over the weekend and seems at risk of re-testing previous lows. The first crypto by market cap was rejected at mid area north of $40,000 and was unable to muster momentum to hold those levels. Related Reading | Did Top Three Bitcoin Addresses Just Call Another Local Bottom? As of press time, Bitcoin trades at $39,921 with a 1.2% and 5.2% loss in the last day and 7 days, respectively. Yuya Hasegawa, analyst for Bitbank, attributes BTC’s price recent price action to the Russia-Ukraine situation. In that sense, the analyst expects potential relief as the U.S. Secretary of State Antony Blinken and the Russian Minister of Foreign Affairs Sergey Lavrov scheduled a phone call for next week. This could tone down the tensions around the situation at the border. On top of that, the analyst claims Bitcoin is sitting at “ample technical support” which could protect its price for further downside. However, is a long weekend in the U.S. which usually leads to potential periods of high volatility driven by low trading volumes across the crypto market. Hasegawa said talking about BTC’s price immediate and medium-term potential headwinds: We still have the January U.S. PCE, February jobs report, and CPI until the March FOMC meeting, so it is safe to say that, depending especially on these inflation data, the worst may be still ahead of us, and even if the price rebounds from the current level in the short ...