The geopolitical turbulence in Ukraine and Russia has maintained a cautious mood amidst challenges that could result in current instability on Monday. The Crypto Fear & Greed Index hit a new low this week, remaining in the 26/100 “worry” zone.
BTC Price Action
As the price of Bitcoin went beyond $40,000, the fear of missing out (FOMO) was at an all-time high. After a one-day increase temporarily noticed USD 40,000 comeback to prominence just a day ago, the cryptocurrency began an anxious weekend at about $39,000 on Feb 26.
Bitcoin was relatively tranquil on Saturday after a day of extreme volatility. After reaching a high of $40,330 at Bitstamp, there are now signs that the market is finally normalizing.
What will the reversal trend look like?
As the crypto markets react to global geopolitical upheaval, veteran trader Tone Vays describes what has to happen for top digital asset Bitcoin (BTC) to become bullish.
The analyst informs his YouTube subscribers in a new strategy session that the leading crypto asset by market size has been establishing lower highs and lower lows for the past three months.
BTC’s course will not reverse, according to Vays, until its weekly chart crosses both its short-term moving average and the prior high achieved during the last Bitcoin surgeon February 10th.
He says The weekly chart must rise above the short-term moving average as well as the previous swing high of $44,000. We’ve been in a three-month trend of [setting] lower highs and lower lows till it does that. The analyst is not going to be bullish on Bitcoin until this pattern breaks.
Vays anticipated that Bitcoin would finally break out of the triangle and print fresh all-time highs earlier this week.
He says Bitcoin will eventually break above this double top and break out above the double top with a vengeance in a world of inflation and totalitarian governments taking your money. The longer Bitcoin is depressed below $65,000, the more severe the uptrend will be.