The price of bitcoin fails to break through resistance and remains at $40,000 throughout the week

A dark week is expected for macro markets, although the weekend provides crypto traders some relief.

On February 27, Bitcoin (BTC) was tested at $40,000 when a fourth red monthly candle in a row would indicate a bear market turning.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Tensions mount for TradFi markets open

BTC/USD attempted several times Sunday to break out of the $30,000-$40,000 range, all of which failed. The pair had stayed largely higher throughout the weekend, giving traders some leeway after a week of volatility owing to geopolitical and media-driven events.

$38,500 was the turning point to look for Bitcoin to close out the week and the month; missing this mark would result in a fourth monthly red candle.

#Bitcoin has less than 36 hours to close above $38.5k in order to break the streak and avoid having 4 straight red monthly candles https://t.co/PX45GlOLrZ

— Matthew Hyland (@MatthewHyland_) February 27, 2022

Despite the negative shift in the Ukraine crisis, bulls were saved from a lower low last week, bottoming out at $34,300 compared to $32,800 in January.

“Cautiously optimistic this is a short to mid-term bottom for BTC,” popular trader and analyst Pentoshi continued.

“I pulled my 40.3k orders (not great) and will focus higher to 41.6k for de-risking. Must flip that and there’s some pretty decent upside. I am still cautious bc the macro landscape imo is anything but bullish.”

On Monday’s open, the macro landscape was set to provide another bout of uncertainty owing to the West’s attempts to cut Russian banks off from offshore liquidity and the SWIFT payment system. On Sunday, Ukraine and Russia began talks on Belarusian borders, following remarks by President Vladimir Putin regarding Russia’s nuclear deterrent.

The potential knock-on effects of Russian financial sanctions and the cryptocurrency’s status as a neutral network for value transfer began to interest Bitcoin advocates.

What does it mean for USD & SWIFT if *both* sides of the conflict opt into #Bitcoin for its superior features?

Answer: It means all countries & institutions better buy up as much #Bitcoin as they possibly can now b4 their financial platform gets obsoleted.

— Jason Lowery (@JasonPLowery) February 26, 2022

“Still processing the implications,” former Coinbase CTO Balaji Srinivasan wrote as part of a Twitter response about freezing the central bank assets.

“This is a financial neutron bomb. Bankrupts people without blowing up buildings. Hits all 145M Russians at once, every ruble holder. In a maximalist scenario, possible collapse of the Russian economy.”

Ukraine began accepting Bitcoin, Ether (ETH), and Tether (USDT) donations for its military. Its wallets had amassed over 91 BTC ($3.57 million), 1,797 ETH ($5.02 million), and $1 million in USDT as of writing.

The weekend is “boring” for cryptocurrencies.

However, in the broader market, there were few chances because sentiment remained heavily “wait and see.” None of the top ten cryptocurrencies by market value made significant advances or declines over the previous 24 hours. ETH/USD was near $2,800 this morning, with weekly gains approaching 6%.

“Pretty boring market movements during the weekend and that’s not weird,” Cointelegraph contributor Michaël van de Poppe summarized.

“Probably approaching a very hectic & volatile week with the war in Ukraine. Don’t go ham on your positions, just play it slow. Sentiment and momentum can switch fast due to these political events.”

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