Saturday 28 May 2022
Home / Africa / Wall Street open sends Bitcoin to $40K as latest BTC price surge passes 6%

Wall Street open sends Bitcoin to $40K as latest BTC price surge passes 6%

Bitcoin (BTC) got a boost from the start of Wall Street trading on Feb. 28 as U.S. stocks opened to a defining week for markets amid geopolitical tensions.

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

Traders eye BTC exit beyound $40,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $40,560 on Bitstamp after the opening bell on Feb. 28.

The move concluded what had been a relatively calm weekend punctuated only by a comedown into the weekly close.

With the monthly close approaching, eyes were on whether Bitcoin could definitively avoid sealing a fourth month of declines in a row.

With the Wall Street gap up totaling $1,900 in an hour, the mood among traders favored an attack of $40,000 resistance to reassert presence higher.

For popular trader and analyst Crypto Ed, $42,000 was an area of interest.

U.S. stocks were meanwhile unexpectedly calm on the open in the wake of a sea change in relations with Russia, including the almost total ban on transacting with its central bank.

The S&P 500 traded down around 1% at the time of writing, with the Federal Reserve possibly already taking action to cushion the blow of Russian sanctions.

"From here, the idea is that if BTC can break 39.5k I think 41.5/42.0k comes next, and I'd expect LUNA to continue outperforming. Keeping my focus on it as long as it works," popular Twitter account Pierre wrote in a cross-crypto update.

Altcoins see calm start of week trading

On the topic of Terra's LUNA token, this was one of only two standouts among major altcoins at the time of writing.

Related: War puts BTC price to the test — 5 things to watch in Bitcoin this week

LUNA/USD was up 3.9% at $78.27, still behind leader Solana (SOL), which managed 4.4%.

By contrast, Ether (ETH), the largest altcoin by market cap, was down 1.6% on the day at $2,718.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

For most, however, even the short-term timeframes remained a mystery thanks to geopolitical events.

"I honestly, honestly, don't know what to expect this week from the markets. Slightly in favor of higher for risk-on assets, but it's an equal bet almost," Cointelegraph contributor Michaël van de Poppe admitted.

About Sean Patterson

Check Also

Brazilian university USP will conduct academic research in the metaverse

As reported by the University of Sao Paulo (USP), the metaverse-centric research will be carried out by research groups interested in 3D modeling, psychology and human behavior, and the effectiveness of virtual and augmented reality devices. These research domains will be evaluated within the context of the metaverse to understand how the new virtual world impacts user interactions. USP professor Marcos A. Simplicio Jr. highlighted that this is the first time USP had received a nonfungible token (NFT) via partnership. The token in question is a rare piece of land in the United States of Mars (USM) metaverse, which is being built in collaboration with other universities. "USP is the first university in Latin America to have a partnership with USM to support the construction of its metaverse," said Simplicio. The partnership will initially feature a collaboration with researchers stemming from an existing agreement called the University Blockchain Research Initiative (UBRI), which is s..

Leave a Reply

Your email address will not be published. Required fields are marked *