As Bitcoin BTC/USD tumbled on Monday evening amid worries that rising tensions between Russia and Ukraine could escalate into a major war, four analysts shared their thoughts on the largest cryptocurrency by market capitalization.
What Happened: Cryptocurrency analyst Justin Bennett noted that until Bitcoin reclaimed the resistance level in the $39,600 range, investors should remain cautious as “things are dicey.”
Use caution out there. Things are dicey, to say the least.
— Justin Bennett (@JustinBennettFX) February 21, 2022
It's like I mentioned in this morning's $BTC video...
Until #Bitcoin reclaims $39,600, that area is resistance. The weekly close below it was less than ideal.
Not to mention everything going on in FA land.
Cryptocurrency analyst Benjamin Cowen noted on his YouTube channel that Bitcoin’s rejection twice off the bull market support band and its weekly closes below that band indicated the market is bearish.
It was harder to break above resistance than to break below support when Bitcoin is in a downtrend, the analyst said.
Resistance levels are more important than support levels when #Bitcoin is in a downtrend. It is harder to break above resistance than to break below support until the momentum fundamentally changes.
— Benjamin Cowen (@intocryptoverse) February 21, 2022
See Also: How To Buy Bitcoin (BTC)
Pseudonymous analyst Altcoin Sherpa said he still sees a bearish market structure for Bitcoin until it hits some sort of higher low around the $33,000 to $36,000 range.
$BTC and $ETH video review: I don't think much has changed on HTF charts but I'm willing to change my bias if we hit some sort of higher low around this area. Until that time, still bearish MS for #Bitcoin and #Ethereum. https://t.co/DAkXlpG8gX
— Altcoin Sherpa (@AltcoinSherpa) February 21, 2022
“I still believe that we need some sort of final shakeout before the lows can really get set on a macro scale because macro scale lows take a really long time to form,” the analyst said.
Another pseudonymous cryptocurrency analyst Kaleo said that Bitcoin’s selloff was accelerating and its next logical target was the higher time frame (HTF) diagonal linear retest in the $32,000 region.
#Bitcoin / $BTC
— K A L E O (@CryptoKaleo) February 22, 2022
HTF diagonal log support has already broken. Sell off is accelerating.
Next logical target is HTF diagonal linear retest near the January lows (~$32K). https://t.co/kmLce1qBR3 pic.twitter.com/Zr2GrTqf5n
Price Action: Bitcoin is down 6.4% during the past 24 hours, trading at $36845.97 at press time.
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