Bitcoin Price Analysis: BTC/USD sellers approach $36,300 on Russia-Ukraine crisis
- BTC/USD stays pressured around short-term key support after three-week downtrend.
- Bear cross, downbeat oscillators keep sellers hopeful around 61.8% Fibonacci retracement level.
- Five-week-old ascending trend line support may test the bears nearby horizontal line.
- Russian nuclear arsenal on high alert even as Kyiv-Moscow agrees for peace talks.
BTC/USD seesaws around $36,700 during the late Sunday’s trading, after declining for three consecutive weeks in the last.
In doing so, the Bitcoin pair makes rounds to the 61.8% Fibonacci retracement (Fibo.) of the quote’s upside from late January to February 10.
However, 50-SMA’s downside break of the 200-SMA, known as a bear cross, joins the downbeat RSI line and bearish MACD signals to hint at the crypto major’s further downside.
That said, three-week-old horizontal support around $36,300 may restrict the BTC/USD pair’s immediate downside ahead of an upward sloping trend line from January 24, near $34,500 by the press time.
Following that, the late January low near $32,950 will be in focus.
Alternatively, recovery moves need to provide a decisive break above the 200-SMA level of $40,043 to push back the short-term sellers.
Even so, BTC/USD bulls will remain cautious until the pair stays below a descending trend line from February 10, close to $42,000 by the press time.
Read: Risk-off start to week: Russia's Putin puts nuclear deterrence forces on high alert
BTC/USD: Four-hour chart
Trend: Further weakness eyed
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
