Bitcoin price, Ether and other major cryptos decline amid ongoing macroeconomic uncertainty

A day after Bitcoin and other major cryptos had their best day since the beginning of the month, they were back in the doldrums as Russia escalated its attacks on the southern and eastern parts of Ukraine, spurring new angst among investors about the global economy. At the time of writing, Bitcoin price is changing hands at $40,131.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price neutral, support at $37,000 and Resistance at $46,000

Bitcoin continued to bounce around the $40,000 price level this week, indicating uncertainty among market participants. Most technical indicators are neutral, although short-term buyers could remain active between the $35,000 and $37,000 support zone, similar to earlier this year. The cryptocurrency has been down by 8% over the past week and has been slightly positive over the past 30 days.

Per the MACD indicator, Momentum signals are positive on the weekly chart and negative on the monthly chart. That suggests a period of rangebound price action could persist, albeit with an average price swing of 20%. The 100-week moving average, currently at $35,388, is an important gauge of trend support on the weekly chart. Buyers must keep BTC above that level to sustain the recovery phase.

Still, there is strong resistance at the 40-week moving average (equivalent to 200-days), at $46,800. Further, an upside target at $50,966 was closed on March 28, although a pullback unfolded, similar to last year’s September. For now, bullish countertrend signals will need to be confirmed with weekly price closes above $40,000.

“25,878 Bitcoin were moved off of exchanges in the past 24 hours, the largest difference between outflow & inflow in 5 weeks. Historically, large quantities of BTC moving off exchanges lead to price rises given a few days for the pattern to hold”, Santiment reported.


Source: Santiment

BTC struggled to hold above $40,000 on Thursday while Ether (ETH) traded around $3,000. Meanwhile, most altcoins underperformed BTC, suggesting a lower appetite for risk among crypto traders. WAVES and LUNA have declined by more than 20% over the past week, compared with a 7% loss in BTC over the same period.

The overall cryptocurrency market cap stands at $1.871 trillion, and Bitcoin’s dominance rate is 40.7%.

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