Possible Double Bottom Pattern in Formation for Bitcoin Price – What’s Next?
Here are the price levels to watch in the short term.
After an initial drop to around $34K on the day Russia began invading Ukraine on February 24, 2022, the price of Bitcoin rebounded significantly enough to attempt to break through resistance at $39.5K several times in recent hours.
It didn't happen, and the Bitcoin price is hovering around $39K as I write this. Volumes are low and all eyes remain on Ukraine. From the reaction of the markets at the end of last week, it is clear that the markets are ready to rebound strongly as soon as the uncertainty about the current situation dissipates.
This is probably not for the moment when we see the threats to use nuclear weapons made by Vladimir Putin this weekend in a barely diverting manner. This is likely to shake up the markets again this week as talks for a ceasefire between Ukraine and Russia have started in Belarus in recent hours.
Getting back to the Bitcoin price, here are the levels to watch in the short term:
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