Bitcoin Whales Boost Price as Stocks Shrug Off Russia-Ukraine Issues

Bitcoin (BTC) held the $40,000 level in play at the Wall Street open on Feb. 25 after 16% daily gains boosted bull confidence.

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

Whales “leading the charge” towards USD 40,000

The data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hovering around the $39,000 mark at the start of trading on Feb. 25, the geopolitical turmoil failed to induce a further major sell-off.

Stocks also benefited as the week drew to a close, with Germany’s DAX up 3% on the day and the FTSE 100 up 4% in London.

Signs of conflict between Russia and Ukraine provided additional impetus, with Ukrainian President Volodymyr Zelensky likely to raise talks to end hostilities.

With $34,300 bottoming this week, optimism was creeping up on a rematch with resistance at $40,000.

“The purple whales are leading the charge”, he pointed the monitoring resource Material Indicators on a chart showing a new wave of purchases from small and large investors.

“Historically, this class has had the most direct correlation to Bitcoin price. If BTC bulls can break above $41,500, then $45,000 should come into focus fairly quickly.”

Binance order book chart. Source: Material Indicators/Twitter

Meanwhile, popular trader and analyst Pentoshi revealed that he planned to wait for $40,000 to hit before reducing exposure to BTC.

Have my next sales at 40.3k (initial was 38.5 for TP1)
(1) 38.5k
(2) 40.3
(3) 41.6k

40.7k is the summer range high and it looks like the market will probably try again for $BTC

I will look for the 37.5-38k level to ride out any drop this weekend

No HH yet so I play this range

However, as he pointed out, on longer time frames, there was still no overall paradigm shift in BTC price action, which continued to remain in a stiff range.

Bitcoin Dominance Pushes Higher

Altcoins moved in lockstep with Bitcoin, providing some relief to beleaguered bag holders.

Daily gains of ten percent were common, while the top ten cryptocurrencies by market capitalization were led by Terra (MOON), which was up 20% on the day at $65.40.

ether (ETH) hovered around $2,700, still down 5.7% from the same period last week.

“Dominance is still on track for further upside, although this upward progression towards the red tier may extend into early March”, commented trader and analyst Rekt Capital on a chart about Bitcoin’s market cap presence versus altcoins.

Bitcoin dominance annotated chart. Source: Rekt Capital/Twitter

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