Feb 21, 2022

Bitcoin (BTC) sees deep red amidst ongoing Russia threat

It was back into the red for Bitcoin (BTC) on Sunday, marking a 4th loss in 5-sessions. Geopolitics continued to be the key driver. The ongoing threat of Russia invading the Ukraine weighed on Bitcoin and the broader market.

On the regulatory front, the imminent release of a White House executive order on cryptos also remains market negative, however.

Following a modest 0.28% gain on Saturday, Bitcoin fell by 4.26% to end the day at $38,397. Things were not much better for the rest of the top 10 cryptos.

Avalanche (AVAX) led the way down, sliding by 9.20%. ADA (-6.52%), BNB (-4.80%), ETH (-5.14%), and XRP (-5.49%) also struggled. LUNA and SOL saw relatively modest losses of 2.07% and 0.63% respectively.

At the time of writing, Bitcoin was down by 0.02% to $38,390. A move through the day’s $38,853 pivot would support a run the first major resistance level at $39,687.

In the event of an extended rally, Bitcoin could test resistance at $42,000 before any pullback. The second major resistance level sits at $40,976.

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