Open live CFD account Try free demo
Call: 1800 885 571 Mail: support@gomarkets.com
Login Open account
Login Open account
Login Open account
News & analysis
Try free demo Open account
News & analysis
Try free demo Open account

Is Bitcoin ready for a reversal?

4 March 2022 By GO Markets

Share

Bitcoin has seen a resurgence in recent days on the back of the Ukraine/Russian conflict. The price has risen 15% as money has poured into the cryptocurrency. Western countries have placed economic sanctions as an attempt to reduce military conduct from Russia. This includes excluding several Russian banks from the SWIFT network. Consequently, the Rouble collapsed and in order to protect the Russian economy the Central Bank raised interest rates to 20%. The central banks also restricted foreigners from selling securities. In response, many Russian citizens have turned to crypto currency as an alternative Rouble. Russian denominated Bitcoin volumes touched 9-month highs in the past week to signify this shift.

Technical Analysis

The long-term trend of BTC/USD is showing an exhausted double top. For this to be confirmed the price needs to continue to move down and break through the support level at $28,892.

 

If the price can break through the neckline, then the next price target should be at around $50,000.

Ready to start trading?

Try free demo Open account

The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.

#GeoPolitical #GeoPolitics #Markets #Currencies