{"id":484091,"date":"2022-02-19T14:35:19","date_gmt":"2022-02-19T14:35:19","guid":{"rendered":"https:\/\/wncen.com\/?p=484091"},"modified":"2024-06-11T14:11:40","modified_gmt":"2024-06-11T14:11:40","slug":"bitcoin-slows-plunge-below-40k-whats-the-best-point-for-a-pullback","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-slows-plunge-below-40k-whats-the-best-point-for-a-pullback\/","title":{"rendered":"Bitcoin Slows Plunge Below $40K, What’s The Best Point For A Pullback?"},"content":{"rendered":"

Bitcoin continues to trend lower over the weekend and seems at risk of re-testing previous lows. The first crypto by market cap was rejected at mid-area north of $40,000 and was unable to muster the momentum to hold those levels.<\/p>\n

Related Reading | Did Top Three Bitcoin Addresses Just Call Another Local Bottom?<\/a>
\n<\/strong><\/p>\n

As of press time, Bitcoin trades at $39,921 with a 1.2% and 5.2% loss in the last day and 7 days, respectively.<\/p>\n

\"Bitcoin
BTC trends to the downside on the daily chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

Yuya Hasegawa, analyst for Bitbank<\/a>, attributes BTC\u2019s price recent price action to the Russia-Ukraine situation. In that sense, the analyst expects potential relief as the U.S. Secretary of State Antony Blinken and the Russian Minister of Foreign Affairs Sergey Lavrov scheduled a phone call for next week.<\/p>\n

This could tone down the tensions around the situation at the border<\/a>. On top of that, the analyst claims Bitcoin is sitting at \u201cample technical support\u201d which could protect its price from further downside.<\/p>\n

However, is a long weekend in the U.S. which usually leads to potential periods of high volatility driven by low trading volumes across the crypto market. Hasegawa said talking about BTC\u2019s price immediate and medium-term potential headwinds:<\/p>\n

We still have the January U.S. PCE, February jobs report, and CPI until the March FOMC meeting, so it is safe to say that, depending especially on these inflation data, the worst may be still ahead of us, and even if the price rebounds from the current level in the short term, upside is likely quite limited unless the Russian military shows some signs of retreating.<\/p><\/blockquote>\n

The macro-situation seems to occupy everyone\u2019s attention. A separate analyst from Material Indicators (MI) claims the Russia-Ukraine situation could see an outcome after the Winter Olympics in Beijing. These events have been linked to similar crises in the past, such as the invasion of Crimea which took place in 2014 during the Olympics hosted by Russia.<\/p>\n

Bitcoin To See Short Squeeze Over Long Weekend?<\/h2>\n

Further data provided by Material Indicators claims BTC could have entered a distribution phase. Recommending traders to \u201cavoid knife catching\u201d, especially during periods of low volume, MI presented their Trend Precognition indicator which flashed a bearish arrow on the daily chart as BTC\u2019s price trend below $40,000.<\/p>\n

\"Bitcoin
Material Indicator’s Trend Precognition Indicator flashed a bearish signal on the daily chart. Source: Material Indicators via Twitter<\/a><\/figcaption><\/figure>\n

This could suggest the benchmark crypto might re-test its lows which could find good support, as MI claimed, \u201cin areas of prior consolidation\u201d. The levels between $35,000 to $38,000 were relevant during BTC\u2019s price previous sell-off and could operate as support.<\/p>\n

However, MI noted that there are \u201cLiquidity gaps\u201d, levels on the order book with low bids or asks orders, on both sides of the BTC\/USDT trading pair. Thus, Bitcoin could see a short squeeze to the upside or downside.<\/p>\n

Related Reading |<\/strong> Comparing Apple\u2019s Growth With Bitcoin, Why This Expert Sets $700K As Long-Term Goal<\/a><\/strong><\/p>\n

Currently, there are around $10 million in bid order around $39,500. Therefore, there seems to be strong support for BTC at that level which could favor the bulls, at least in the short term.<\/p>\n

\"Bitcoin
BTC’s price (blue line on the chart) with potential support on $39,500 due to concentration of bid orders (levels below the price). Source Material Indicators<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Bitcoin continues to trend lower over the weekend and seems at risk of re-testing previous lows. The first crypto by market cap was rejected at mid-area north of $40,000 and was unable to muster the momentum to hold those levels. Related Reading | Did Top Three Bitcoin Addresses Just Call Another Local Bottom? As of press time, Bitcoin trades at $39,921 with a 1.2% and 5.2% loss in the last day and 7 days, respectively. Yuya Hasegawa, analyst for Bitbank, attributes BTC\u2019s price recent price action to the Russia-Ukraine situation. In that sense, the analyst expects potential relief as the U.S. Secretary of State Antony Blinken and the Russian Minister of Foreign Affairs Sergey Lavrov scheduled a phone call for next week. This could tone down the tensions around the situation at the border. On top of that, the analyst claims Bitcoin is sitting at \u201cample technical support\u201d which could protect its price from further downside. However, is a long weekend in the U.S. which usually leads to potential periods of high volatility driven by low trading volumes across the crypto market. Hasegawa said talking about BTC\u2019s price immediate and medium-term potential headwinds: We still have the January U.S. PCE, February jobs report, and CPI until the March FOMC meeting, so it is safe to say that, depending especially on these inflation data, the worst may be still ahead of us, and even if the price rebounds from the current level in the short term, upside is likely quite limited unless the Russian military shows some signs of retreating. The macro-situation seems to occupy everyone\u2019s attention. A separate analyst from Material Indicators (MI) claims the Russia-Ukraine situation could see an outcome after the Winter Olympics in Beijing. These events have been linked to similar crises in the past, such as the invasion of Crimea which took place in 2014 during the Olympics hosted by Russia. Bitcoin To See Short Squeeze Over Long Weekend? Further data provided by Material Indicators claims BTC could have entered a distribution phase. Recommending traders to \u201cavoid knife catching\u201d, especially during periods of low volume, MI presented their Trend Precognition indicator which flashed a bearish arrow on the daily chart as BTC\u2019s price trend below $40,000. This could suggest the benchmark crypto might re-test its lows which could find good support, as MI claimed, \u201cin areas of prior consolidation\u201d. The levels between $35,000 to $38,000 were relevant during BTC\u2019s price previous sell-off and could operate as support. However, MI noted that there are \u201cLiquidity gaps\u201d, levels on the order book with low bids or asks orders, on both sides of the BTC\/USDT trading pair. Thus, Bitcoin could see a short squeeze to the upside or downside. Related Reading | Comparing Apple\u2019s Growth With Bitcoin, Why This Expert Sets $700K As Long-Term Goal Currently, there are around $10 million in bid order around $39,500. Therefore, there seems to be strong support for BTC at that level which could favor the bulls, at least in the short term.<\/p>\n","protected":false},"author":535,"featured_media":483275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-484091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Slows Plunge Below $40K, What's the Best Point for a Pullback?<\/title>\n<meta name=\"description\" content=\"Bitcoin continues to trend lower over the weekend and seems at risk of re-testing previous lows as the Russia-Ukraine crisis worsens.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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Marquez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","caption":"Reynaldo Marquez"},"description":"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Slows Plunge Below $40K, What’s The Best Point For A Pullback?","url":"http:\/\/wncen.com\/news\/bitcoin-slows-plunge-below-40k-whats-the-best-point-for-a-pullback\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-slows-plunge-below-40k-whats-the-best-point-for-a-pullback\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/bitcoin.jpeg?fit=1980%2C1114"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-02-19T14:35:19Z","datePublished":"2022-02-19T14:35:19Z","dateModified":"2024-06-11T14:11:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Slows Plunge Below $40K, What’s The Best Point For A Pullback?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-slows-plunge-below-40k-whats-the-best-point-for-a-pullback\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-slows-plunge-below-40k-whats-the-best-point-for-a-pullback\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/bitcoin.jpeg?fit=1980%2C1114\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-02-19T14:35:19Z\",\"datePublished\":\"2022-02-19T14:35:19Z\",\"dateModified\":\"2024-06-11T14:11:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/02\/bitcoin.jpeg?fit=1980%2C1114","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/484091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=484091"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/484091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/483275"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=484091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=484091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=484091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}