Bitcoin price draws attention with its performance in recent days and its rise after the decline. Analysis company Santiment shared an analysis on the subject.
"As #Bitcoin prices bottomed out at $34.7k with Thursday's war news, whales have made some MASSIVE transactions. This has been the largest amount of both $100k+ and $1m+ $BTC transactions since Jan. 24th, when prices jumped +15% the week following."
Thursday's price action triggered signs of bearish fatigue, similar to the one on Jan. 24, according to DeMARK indicators, according to Santiment. The situation on January 24 brought a 30 percent increase in total. Despite this, analysts stressed that countertrend signals in bear markets can be short and inaccurate due to long-term momentum. Currently, the momentum for Bitcoin price remains negative on weekly and monthly charts, according to analysts. Santiment explained that the closest resistance point is located at $ 40 thousand and this level may prevent the rise. In addition, the $46,700 level, which was resistance earlier this month, could be strengthened further, according to the company.
“Altcoins continue to recover after war concerns drove prices down three days ago. As we enter the weekend, projects like FTM, AAVE, GALA, ONE, and CBG have shown great growth.”
However, the optimistic outlook for the markets may be short-lived. According to a report by Bloomberg, Russian billionaires can use cryptocurrencies to buy goods and services. Russian business people could potentially circumvent US sanctions by continuing to invest outside the EU and the US. Decentralized exchanges and Bitcoin can function in this direction.
Mati Greenspan, founder and CEO of Quantum Economics, stated that if a wealthy person worries that their assets may be frozen due to sanctions, they can hold their assets in Bitcoin (BTC) to hedge against such actions.