Bitcoin fails to overcome resistance, as $40K remains out of reach into weekly close

Bitcoin ( BTC), which was down $40,000 on February 27, as the hopes for the weekly close were dependent on avoiding a fourth red monthly flame.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

TradFi markets are in turmoil

Data from Cointelegraph Markets Pro, TradingView indicated that BTC/USD made several attempts to break the $30,000-$40,000 barrier on February 27, but all were rejected.

The pair had been broadly higher over the weekend, which cut traders some slack following a week of volatility due to geopolitics headlines and media headlines.

The level at which Bitcoin should close the week and month was $38,500. Failure to do so would result in a fourth consecutive monthly red candle.

According to Cointelegraph , bulls did not fall below $34,300 last week, as opposed to $32,800 in January.

“Cautiously optimistic, this is a brief to mid-term bottom BTC,” Pentoshi , a popular analyst and trader, said.

“I pulled my 40.3K orders. Not great. I will now focus on 41.6K for derisking. There’s some decent upside to that, but it must be flipped. The macro landscape is not bullish, so I’m still cautious.

The macro landscape was set to create uncertainty when the open opened on February 28th. This was due to the West’s moves to remove Russian banks off-shore liquidity and SWIFT payment system.

The mention by President Vladimir Putin of Russia’s nuclear defense system also caused a stir. On the weekend, Ukraine and Russia began negotiations for the Belarusian border.

The potential knock-on effects of Russian financial sanctions on Bitcoin and the cryptocurrency’s neutral status for value transfer became the focus of Bitcoin advocates.

“Still processing these implications,” Balaji Srinivasan , former chief technology officer at Coinbase, wrote in response to a Twitter question about freezing central bank assets.

“This is a financial neutron weapon. People are bankrupted without destroying buildings. All 145M Russians are hit simultaneously, each ruble holder. Possible collapse of the Russian economy in a maximalist scenario

Ukraine started to accept donations in Bitcoin, Ether ( ) and Tether ( ). At the time of writing, its wallets had received more than 91 BTC ($3.57million), 1,797 Ethereum ($5.02million) and $1,000,000 in USDT (a href=””>USDT).

Weekend stays “boring” for crypto

However, crypto markets in general were not looking for any opportunities, as sentiment remained very much “wait and see”.

Similar: Ethereum to $10K A classic bullish reversal pattern suggests potential ETH price rallies

None of the top ten cryptocurrency market caps have seen any notable moves over the past 24 hour.

The ETH/USD trade was close to $2,800 with weekly gains still approaching 6%.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Pretty boring market movement during the weekend and it’s not strange,” Cointelegraph contributor Michael van de Poppe .

“Probably nearing a very chaotic and volatile week due to the conflict in Ukraine. Do not get too excited about your positions. Just take it slow. These political events can change momentum and sentiment quickly.

Opinion writer on 7trade7