BTC price under pressure below $ 40,000
Bitcoin chart analysis
The price of Bitcoin tested the $ 40,000 level again today but soon retreated to a $ 39,370 level. What we can notice is the following that the price forms new lower highs and higher lows, narrowing the price movement in one triangle. We can expect a bigger shift on the chart soon. For the bullish option, we need a continuation of this minor bullish impulse. In the $ 41,000 zone, we come across the MA200 moving average, which may be an additional resistance to further bullish sequels. Our next target is $ 42,000, the previous high if a break occurs. And the maximum jump on this time frame is our $ 45,000 zone. For the bearish option, we need a negative consolidation and a price withdrawal below $ 38,000. Our next support is at $ 37,200, and the maximum pullback is to the lower support line in the $ 35,000-36,000 zone.
Some of the largest hedge funds are increasing their stakes in cryptocurrencies, according to recent reports. Brevan Howard Asset Management LLP and Tudor Investment Corp are among these companies. Institutional investors traded cryptocurrencies with $ 2021 trillion, an increase from $ 120 billion in 2020 and more than double the $ 535 billion traded by ordinary investors, reports show.
Whales or institutional buyers have moved significant amounts of BTC in the last 24 hours. According to U.Today, almost 30,000 BTC have been transferred in the last 24 hours. The popular cryptocurrency tracking service WhaleAlert has discovered three crypto transactions that carry huge amounts of BTC. According to several tweets published by the platform, in the past 10 hours, several significant pieces of bitcoin (each carrying 10,000 BTC) have retreated from the publicly traded US cryptocurrency exchange Coinbase. The total amount of cryptocurrencies transferred to anonymous wallets is over 1.17 billion dollars.
Swiss CEO Guido Buehler suggested that institutional funds would probably help increase BTC price. He further stated that his company’s models predict that Bitcoin will rise to $ 75,000 in 2022. The largest and most famous cryptocurrency has a 24-hour trading volume of $ 30 billion.
This can be embarrassing for some in the crypto community because if an individual or project stands by the West against Russia, it also means adhering to sanctions. This can be not easy to reconcile with the alleged decentralized crypto/blockchain system and its claims that it is borderless, uncensored and distributed.
Take OpenSea, the NFT market, which is not really a decentralized project but is often described as such. “OpenSea is a decentralized peer-to-peer market for buying, selling and trading rare digital products,” according to CoinMarketCap, for example.
This raises questions: are the public and government officials now more focused on crypto-regulation, especially with the outbreak of the Russian-Ukrainian war?