Bitcoin whales fuel BTC price comeback as stocks brush off Russia-Ukraine shocks
Bitcoin (BTC) kept $40,000 in play at the Wall Street open on Feb. 25 after 16% daily gains increased bulls' confidence.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling the $39,000 mark at the start of trading Friday, geopolitical turmoil failing to induce a fresh major sell-off.
Stocks also benefited as the week came to a close, with Germany's DAX up 3% on the day and the FTSE 100 up 4% in London.
Signals from the Russia-Ukraine conflict provided an additional boost, with the prospect of talks being raised by Ukrainian president Volodymyr Zelensky to end hostilities.
With $34,300 this week's floor, optimism was slowly increasing over a rematch with $40,000 resistance.
"Purple Whales are leading the charge," monitoring resource Material Indicators noted about a chart showing a fresh spate of buying from both small and large investors.
Popular trader and analyst Pentoshi meanwhile revealed that he planned to wait for $40,000 to hit before reducing BTC exposure.
Have my next sells at 40.3k (initial was 38.5 for TP1) (1) 38.5k (2) 40.3 (3) 41.6k40.7k is the summer range high and looks like market will likely get another stab at it for $BTC Will look for 37.5-38k to hold on any dips this weekend Still no HH so playing this range https://t.co/u6JTk0WCxl pic.twitter.com/Ra1Ej46HdG
As he noted, however, on longer timeframes, there was still no overall shift in the paradigm for BTC price action, which continued to stick to a rigid range.
Altcoins moved in step with Bitcoin, providing some relief for embattled bagholders.
Related: Bitcoin investors ‘buy the dip’ as BTC nears $40K, gaining 16% in less than 24 hours
10% daily gains were commonplace, while the top ten cryptocurrencies by market cap were led by
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