Analysts say Bitcoin 'bottom is in’ as BTC bounces back to $38,000
The ongoing tensions between Russia and Ukraine continue to be the dominant news story on Feb. 22 as Bitcoin (BTC) and the wider global financial tremble under the pressure as the world awaits some form of resolution to the matter.
Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has traded in a range between $36,360 and $38,330 on Tuesday as a swirl of positive and negative developments sent mixed signals to traders who base their trading activity on news headlines.
Here’s a look at what several analysts in the crypto market are saying about the latest price developments for BTC and what levels to keep an eye on moving forward.
The cyclical nature of BTC price movements was touched upon by crypto analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart showing that Bitcoin is currently retesting the major support/resistance level at $38,000.
Rekt Capital said,
Aside from a simple retest of support and resistance, this price range has emerged as a significant one when it comes to the bull versus bear market narrative as highlighted in the following chart that was posted by technical analyst Matthew Hyland.
Hyland said,
A call for calm was put out by crypto trader and pseudonymous Twitter user ‘JohalMiles’, who posted the following chart stating, “I sound like a broken record here but it's hard to believe how bearish people have become and we haven't even broken OR tested $30,000.”
In a follow-up response to the tweet from JohalMiles, cryptocurrency analyst and pseudonymous Twitter user ‘PlanC’ agreed with this viewpoint and made the case for a bull market moving forward.
PlanC said,
Related: Bitcoin Mayer Multiple returns to July 2021 levels in fresh sign $37K BTC
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