Bitcoin reaches $40K on the open of Wall Street, as the latest BTC price spike surpasses 6%
As trading on Feb. 28 starts, signs that Bitcoin price movement may give investors a much-needed silver lining increase.
Bitcoin (BTC) benefited from the commencement of Wall Street trade on Feb. 28, as US equities began a pivotal week under geopolitical worries.
BTC/USD spiked to $40,560 on Bitstamp after the opening bell on Feb. 28, according to data from Cointelegraph Markets Pro and TradingView.
The move brought an end to a largely tranquil weekend highlighted only by the weekly closure. With the monthly close nearing, all eyes were on whether Bitcoin could escape a fourth consecutive month of falls.
With the Wall Street gap up totalling $1,900 in an hour, traders advocated an assault on the $40,000 resistance level in order to reaffirm their position higher.
Crypto Ed, a well-known trader and analyst, was interested in $42,000. Meanwhile, US markets opened remarkably quiet in the aftermath of a sea shift in ties with Russia, including a near-complete prohibition on trading with its central bank.
At the time of writing, the S&P 500 was down around 1%, with the Federal Reserve likely already taking steps to soften the effect of Russian penalties.
“From here, if BTC can cross 39.5k, I believe 41.5/42.0k will follow, and LUNA will continue to outperform. Maintaining my emphasis on it as long as it is effective, “Pierre, a prominent Twitter handle, said in a cross-crypto update.
The start of the week trade is rather tranquil for altcoins
Regarding Terra’s LUNA token, at the time of writing, it was one of just two standouts among prominent cryptocurrencies. LUNA/USD was up 3.9 percent to $78.27, but behind market leader Solana (SOL) by 4.4 percent.
In comparison, Ether (ETH), the most valuable cryptocurrency by market capitalization, fell down 1.6 percent on the day to $2,718.
However, for the majority, even short-term timeframes remained a mystery as a result of geopolitical events.
“I honestly have no idea what to anticipate from the markets this week. Slightly in favour of riskier assets, but it’s practically an even bet “Michael van de Poppe, a Cointelegraph writer, said.