Russian President Vladimir Putin announced at a news conference on Tuesday that he was ready to work more closely with the West to reduce tensions over Ukraine. Russia has also decided to withdraw some troops from military areas bordering Ukraine.
Russia's recent announcement that troops were withdrawing from the Ukrainian border has at least temporarily eliminated the risk of rising oil prices, causing black gold to decline on Tuesday.
In the last 24 hours, following the news and the easing of tensions, stock markets have risen in price, and the Nasdaq, Dow Jones and S&P 500 indices have risen by 2.5, 1.2 and 1.5%, respectively. Along with the stock market, the cryptocurrency market also took on a new life and turned green. Meanwhile, the price of gold and the US dollar fell during this period.
But on Tuesday, the Altcoins took the helm of the market and performed well, indicating a return to risk-taking among Ramzarz investors.
Atrium has risen 3.77% in the past 24 hours, while
Bitcoin has risen 1.2% to $ 44,000 over the same period.
Reduce Bitcoin trading volumeBitcoin's immediate trading volume, however, remained weak from previous price jumps on February 4 and 10, which may be related to the $ 46,000 to $ 50,000 range due to the potential for sudden growth.
Bitcoin trading volume
The chart above shows the decline in bitcoin trading volume over the past few months. Arkin Research wrote in its report on Tuesday:
Traders are currently undecided, and this can be deduced from the ever-changing market sentiment between fear and greed between bitcoin fluctuations from $ 42,000 support to $ 46,000 resistance. If Bitcoin goes out of this range, market activity may increase.
Recent CryptoQuant data show that in the last 24 hours, the volume of sales orders has exceeded the volume of purchase orders in the market of permanent bitcoin contracts, which indicates the sales pressure in the short term.
"Lawrence Levittin of Kevin Desk says:
The trading volume against the market value in many of the top cryptocurrencies of the market has decreased compared to previous months; As a result, less capital may be needed to move the market.
Changes in investors' feelings
In recent days, the bitcoin fear and greed index has once again entered the "fear" range due to investors' uncertainty about the economic and geopolitical conditions . However, shortly after, this index reached the neutral range. Neutrality of the market situation means that there is no strong bullish or bearish outlook among market participants. At the time of writing, this index is at 51.
The Bitcoin Fear and Greed Index can fluctuate between the lowest and highest levels for months; Similar to what happened in the bear market in 2018. In addition, frequent changes in market sentiment are a short-term opportunity for buyers and sellers. Of course, investors looking for trading opportunities rely on other indicators, such as cycles and trends, instead of the fear and greed index.
Bitcoin Fear and Greed Index
Currently, some technical indicators indicate the weakness of
the long-term trend of bitcoin , which could limit the possible rise of the currency. However, market sentiment has improved slightly over the past few months as sales pressure has eased.
Another indicator that should be considered in the analysis of market trends is the supply ratio of stable coins. The SSR indicates when there is enough liquidity to buy in the market or when the purchasing power is not enough to increase the price relative to the market value of Bitcoin. It is interesting to know that the SSR index has recently given a positive signal similar to the July and October price rally.
Bitcoin price technical analysisIn the last 24 hours,
the price of Bitcoin has continued to rise, exceeding $ 44,000. In this way, Bitcoin even managed to break the $ 4,500 resistance and surpass its simple 100-hour moving average. However, the market's largest cryptocurrency failed to break the $ 45,000 resistance.
Bitcoin price chart
Before beginning the slight price correction, Bitcoin managed to reach a peak in the range of $ 44,770. However, price correction began and
the price of Bitcoin fell below the $ 44,500 support area. The price cut caused the price to break out of the short-term uptrend channel with a support level of $ 44,200 in the hourly chart.
Bitcoin is currently trading below the 23.6%
Fibonacci retracement level of the uptrend from $ 41,573 to $ 44,770 and may face resistance near the support level of the uptrend channel ($ 44,200).
But on the way up, the $ 44,500 level will be the first major resistance for Bitcoin. If this resistance is broken, the price will probably rise to the $ 45,000 resistance, and if this resistance is broken, the price can be expected to reach $ 45,500.
On the other hand, if Bitcoin fails to break above its $ 4,500 resistance, it may face a bearish correction. The first level of support for Bitcoin is $ 43,800. However, if the price falls further, the $ 43,150 support near the 50% Fibonacci retracement level (drawn from $ 41,573 to $ 44,770) is likely to be accepted by Bitcoin.
If the
price of Bitcoin falls below the support level of $ 43,850, the uptrend may be hindered. The next support level is in the range of the simple 100-hour moving average ($ 42,800), and if the price falls below this support, we will probably see a sharp decline in the short term.
Technical indicators:Hourly indicator Makdi: The indicator Makdi is currently in the downtrend range.
Relative strength indicator: Bitcoin RSI is still above 50.
Key Support Levels: $ 43,800 and $ 43,150
Main resistance levels: $ 44,200, $ 4,500 and $ 45,500
Sources :
MihanblockchainCoindeskNewsBTC 
