Bitcoin Consolidates After $40,000 Surge as Analysts See a Higher Weekly Low for BTC Price

Bitcoin (BTC) began a jittery weekend around $39,000 on Feb. 26 after an overnight spike briefly saw a return to $40,000.

1-hour candlestick chart for the BTC/USD pair (Bitstamp). Source: TradingView

Stocks rise, but “fear” prevails

The data from Cointelegraph Markets Pro and TradingView revealed calmer conditions for the BTC/USD pair on Saturday after overnight volatility hit highs of $40,330 on Bitstamp.

With the traditional markets closed, the probability of “false” moves up or down increased thanks to lower weekend volumes in the crypto markets.

Geopolitical turmoil centered on Ukraine and the Russian occupation formed the backdrop for continued cautious sentiment.amid concerns that Monday, in particular, could bring new instability.

The Crypto Fear & Greed Indexwhile inching toward the end of the week, remained in the low “fear” zone at 26/100.

Crypto Fear & Greed Index (screenshot). Source:

In the meantime, A possible upside for Bitcoin bulls came from the weekly chart. With its recent low of $34,300 in the Ukraine invasion, BTC, however, managed to post a higher low compared to January’s $32,800 crash.

If that held, trader and analyst Rekt Capital believed, the February drop to $45,500 would likely prove to be a “necessary” consolidation move.

In the meantime, Macro markets ended the week on a high, with significant rebounds for both European and US indices.

The US dollar, which had strengthened when hostilities began, gave up most of its gains.and the US dollar currency index (DXY) returned to 96.5 from highs of 97.7.

1 hour candlestick chart of the US dollar currency index (DXY). Source: TradingView

LUNA leads the top ten altcoins

Altcoins provided a mixed but still strong picture overall on Saturday, with major tokens led by Terra (MOON), increased almost 50% in one week.

With Bitcoin Coolingsome late gains were still taking place, even for XRPwhich was 10.3% higher over the 24 hours at time of writing.

ether (ETH), the largest altcoin by market cap, was trading above $2,750 on the back of 5.6% daily gainshaving looked to challenge $2,900 overnight.

1 hour candlestick chart for the ETH/USD pair (Bitstamp). Source: TradingView

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.