Bitcoin price remained flat on Thursday, February 17. However, major altcoins dropped in the last 24 hours. The world’s favourite cryptocurrency price slightly dipped by 0.23 per cent to $44,002.67 at 0830 hours on Thursday, according to CoinMarketCap. Investors remained cautious even after Russia had started pulling back its troops from Ukraine border. However, there was no official announcement from Russia regarding this. There is a growing Russian military presence at Ukraine’s borders, Western countries warned on February 17. More armored vehicles, helicopters and a field hospital have been spotted, Britain’s defense intelligence chief said.
All eyes were on US Federal Reserve as the central bank might increase rates sooner-than-expected to tackle rising inflation. However, crypto pundits were certain that the digital currencies will not see another January-tumble anytime soon.
Bitcoin Price Outlook
Commenting about Bitcoin’s price outlook, WazirX Trade Desk said, “Bitcoin continued to hold steady around the $44,000 level. Currently, the RSI for BTC is close to 60, which indicates a strong position. On the 4-hourly time-frame, the Bitcoin trend movement is within a triangle pattern. The next resistance is expected at $46,500 and immediate support is expected at $39,300.”
Ether Price Tumbles, What Experts Say About Future
Ether, the second largest cryptocurrency by market capitalisation lost significantly in the last 24 hours. The cryptocurrency tubled 1.27 per cent to #3,125.77 in a day, according to CoinMarketCap. “Ethereum held its position above the $3,100 level for the second day in a row. On the weekly chart,
Ethereum trend indicates a re-testing of the support level. The next resistance for Ethereum is expected at $3,400. Meanwhile, Twitter enabled users to receive and send tips in Ethereum which is another huge step in terms of large corporation’s eagerness in adopting cryptocurrencies,” WazirX trade desk said.
Tether, XRP, Dogecoin all other popular cryptocurrencies extended loss in last one day. Tether dropped 0.01 per cent to settle at $1.00. BNB saw a sharp decline of 1.06 per cent to $428.24. XRP was down by 0.27 per cen to $0.8354. Cardano, another popular cryptocurrency lost 1.11 per cent to $1.09. Solana dropped 2.94 per cent, highest among top 10 cryptocurrencies to $100.48, according to CoinMarketCap.
“Russia’s next military moves continue to be closely watched worldwide as investors remain partially sceptical of a complete de-escalation of the initial tensions. Coupled with the many uncertainties of rising interest rates and quantitative tapering, the macroeconomic environment continues to be an extremely precarious one. Unsurprisingly, risk-on assets like equities and crypto have remained relatively rangebound, with speculators unwilling to take a directional view. On a broader-term basis, however, fund inflows from institutional investors into crypto indicate clear optimism on digital assets being the future of our global economy,” said CoinDCX.
The risk of Russian aggression against Ukraine would remain high for the rest of February and Russia could still attack Ukraine “with essentially no, or little-to-no, warning,” according to a senior Western intelligence official, Reuters mentioned.