Signs that Bitcoin price action could provide investors with a much-needed silver lining intensify as Feb. 28 trading begins.
Bitcoin (BTC) got a boost from the start of Wall Street trading on Feb. 28 as U.S. stocks opened to a defining week for markets amid geopolitical tensions.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $40,560 on Bitstamp after the opening bell on Feb. 28.
The move concluded what had been a relatively calm weekend punctuated only by a comedown into the weekly close.
With the monthly close approaching, eyes were on whether Bitcoin could definitively avoid sealing a fourth month of declines in a row.
Now can we go? #Bitcoin
Gaining the upper range ($40.8k-$44.4k) and holding trading elevates the safety of the bullish structure formed.
$37k absorbed all liquidity?
If so, price will respond by breaking $44.4k pic.twitter.com/oyA805nX7l
With the Wall Street gap up totaling $1,900 in an hour, the mood among traders favored an attack of $40,000 resistance to reassert presence higher.
For popular trader and analyst Crypto Ed, $42,000 was an area of interest.
Still confident about that move to 42k which I shared as 1 of the first on thursday….
BTC reached my green box yesterday but the bounce is stalling. Could even do 1 more leg down and I’m still confident.
Will trade it only after more confirmation tho. pic.twitter.com/udW9VWaOjw
U.S. stocks were meanwhile unexpectedly calm on the open in the wake of a sea change in relations with Russia, including the almost total ban on transacting with its central bank.
The S&P 500 traded down around 1% at the time of writing, with the Federal Reserve possibly already taking action to cushion the blow of Russian sanctions.
“From here, the idea is that if BTC can break 39.5k I think 41.5/42.0k comes next, and I’d expect LUNA to continue outperforming. Keeping my focus on it as long as it works,” popular Twitter account Pierre wrote in a cross-crypto update.
On the topic of Terra’s LUNA token, this was one of only two standouts among major altcoins at the time of writing.
Related: War puts BTC price to the test — 5 things to watch in Bitcoin this week
LUNA/USD was up 3.9% at $78.27, still behind leader Solana (SOL), which managed 4.4%.
By contrast, Ether (ETH), the largest altcoin by market cap, was down 1.6% on the day at $2,718.
For most, however, even the short-term timeframes remained a mystery thanks to geopolitical events.
“I honestly, honestly, don’t know what to expect this week from the markets. Slightly in favor of higher for risk-on assets, but it’s an equal bet almost,” Cointelegraph contributor Michaël van de Poppe admitted.