Bitcoin price rally to $38,000 has analysts suggesting the market has already bottomed

Tensions between Russia and Ukraine continue to be the dominant news item on February 22nd. Meanwhile, Bitcoin (BTC) and global finance in general are succumbing to pressure awaiting some form of resolution to the matter.

Data of Cointelegraph Markets Pro and TradingView show that the price of BTC has traded in a range between $36,360 and $38,330 on Tuesday, as a whirlwind of positive and negative events sent mixed signals to traders basing their activity on news headlines.

BTC/USDT 1-day chart. Source: TradingView

Here is what various cryptocurrency market analysts are saying about the recent BTC price action and the levels to watch out for going forward.

A revisit to the $38,000 support/resistance zone

The cyclical nature of BTC price movements was addressed by analyst and pseudonymous Twitter user ‘Rekt Capital’, who public the chart below showing that Bitcoin is currently retesting the main support/resistance level at $38,000.

BTC/USD 1-week chart. Source: Twitter

Rekt Capital said:

“Whenever BTC breaks beyond the $38,000 red resistance zone…it will pull back to this region for a retest before going higher. The green circles show this. The retest is currently happening.”

Aside from a simple retest of support and resistance, this price range has emerged as a significant one when it comes to the bull vs. bear market narrative, as highlighted in the chart below which was published by technical analyst, Matthew Hyland.

BTC/USD 1-month chart. Source: Twitter

Hyland said:

“Bitcoin has a week to avoid having its fourth consecutive red monthly candle for the first time since the 2018 bear market. The monthly candle needs to close above $38,500 to be green.”

No need to worry above USD 30,000

A call for calm was made by cryptocurrency trader and pseudonymous Twitter user “JohalMiles”, who public the following chart stating: “Sounds like a broken record here, but it’s hard to believe how bearish people have become and we haven’t even broken OR touched $30,000.”

BTC/USD 1-week chart. Source: Twitter

In a response to JohalMiles’ tweet, cryptocurrency analyst and pseudonymous Twitter user “PlanC” agreed with this view and advocated a bull market in the future.

PlanC said:

“Basically, unless we break below $30,000 and stay below that level for weeks, I’m bullish. And the $28,000 to $30,000 level has acted as very strong support for a year now.”

The market position indicates that the end is near

One last piece of information based on the situation of the Bitcoin market was offered by the market analyst and pseudonymous Twitter user ‘Crypto5max’, who pointed out that “based on the position, the end is near” and public the chart below looking at the Advanced NVT signal, a metric that divides the value of Bitcoin’s market capitalization by the 90-day moving average of its daily transaction value.

Advanced NVT signal. Source: Twitter

Crypto5max said:

“We could be in a range of course, just like in 2021 testing support/resistance numerous times, but there’s a lot of data to suggest the bottom has already been marked. It’s done, as it should always be done. But I like to see the fear in the market and I am of another opinion (bullish)”.

The total cryptocurrency market capitalization currently stands at $1.693 trillion and the dominance ratio of Bitcoin is 42.2%.

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