February ended with a very bullish closure which was surprising for many with the current economic climate and uncertainty surrounding humanitarian risk coming out of Eastern Europe.
Last week majority of the globe imposed sanctions on Russia including the ban of Swift payments but it doesn't appear this was something which caught Russia off guard as they had already moved towards making Bitcoin legal tender two weeks previously. These sanctions pushed Russia into a position where buying Bitcoin was their best and possibly only way of being able to continue with any possible trade deals. Additional to this millions of $'s were ploughed into Bitcoin and used to provide donations towards those affected in Ukraine.
Now we understand what caused Bitcoin to gain great momentum in the latter part of February we can now enter March with a clearer picture of what is most likely to lie ahead, at least in the short term.
Bitcoin closed on 28th February finding resistance on the daily and monthly level circa to $43,400, leaving the most likely outcome to be a reversal over the coming days back down towards $36,000 with the strong possibility of breaking through to head towards $30,000, wicking as low as $28.000.
The market is being held afloat by the potential of peace talks between Russia and Ukraine but any positive outcome from this is very unlikely after the damage which has already been caused.
In other news, Ebay are rumoured to be considering the possibility of integrating cryptocurrency payments into their platform.
So whilst we have a short term bearish play in mind, the bigger picture is very bullish and considering how government bodies naturally moved towards Bitcoin as their economy was collapsing it shows that the consideration for Bitcoin to become an underlying store of value for GBDC's in the future is highly possible.
Short trade signal - BTC/USDT
Entry: $43,800
Stop Loss: $46,200
Take profit levels (50/50 split): $36,700 and $30,680
Last week majority of the globe imposed sanctions on Russia including the ban of Swift payments but it doesn't appear this was something which caught Russia off guard as they had already moved towards making Bitcoin legal tender two weeks previously. These sanctions pushed Russia into a position where buying Bitcoin was their best and possibly only way of being able to continue with any possible trade deals. Additional to this millions of $'s were ploughed into Bitcoin and used to provide donations towards those affected in Ukraine.
Now we understand what caused Bitcoin to gain great momentum in the latter part of February we can now enter March with a clearer picture of what is most likely to lie ahead, at least in the short term.
Bitcoin closed on 28th February finding resistance on the daily and monthly level circa to $43,400, leaving the most likely outcome to be a reversal over the coming days back down towards $36,000 with the strong possibility of breaking through to head towards $30,000, wicking as low as $28.000.
The market is being held afloat by the potential of peace talks between Russia and Ukraine but any positive outcome from this is very unlikely after the damage which has already been caused.
In other news, Ebay are rumoured to be considering the possibility of integrating cryptocurrency payments into their platform.
So whilst we have a short term bearish play in mind, the bigger picture is very bullish and considering how government bodies naturally moved towards Bitcoin as their economy was collapsing it shows that the consideration for Bitcoin to become an underlying store of value for GBDC's in the future is highly possible.
Short trade signal - BTC/USDT
Entry: $43,800
Stop Loss: $46,200
Take profit levels (50/50 split): $36,700 and $30,680
Gavin Berry
Founder
Zero Gravity Consultancy
info@zero-gravity.io
Founder
Zero Gravity Consultancy
info@zero-gravity.io