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Market Wrap: Bitcoin Drifts Lower, Although Analysts Expect Bearish Sentiment to Fade
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Market Wrap: Bitcoin Drifts Lower, Although Analysts Expect Bearish Sentiment to Fade

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by Virtuse
6. March 2022
Market Wrap: Bitcoin Drifts Lower, Although Analysts Expect Bearish Sentiment to Fade

BTC was down 4% over the past 24 hours as geopolitical risks intensified.

Bitcoin (BTC) and stocks traded lower on Thursday as geopolitical risks escalated.

The second round of talks between Russian and Ukrainian diplomats ended on Thursday without an agreement. The impasse kept markets on edge, contributing to gains in traditional safe-haven assets such as gold and the U.S. dollar.

In crypto markets, the correction over the past month appears to be stabilizing as bearish sentiment wanes. Some analysts remain optimistic due to persistent long-term demand, especially for bitcoin.

“A larger proportion of investors are becoming long-term holders, which is beneficial for price appreciation as it is clear that more investors are seeking higher prices to sell,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an email to CoinDesk.

“Crypto adoption globally continues to soar and aligns with the thesis that we are in an accumulation phase,” Sotiriou wrote.

Still, technical indicators show strong resistance at $46,000, which could create choppy trading conditions over the short term. Improving momentum, however, suggests limited downside, with a tight range of support between $37,000 and $40,000.

 

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