Sarah Tran
Independent Analyst
- Bitcoin price has significantly declined following media reports of explosions in Ukraine.
- In the past 24 hours, the total cryptocurrency market capitalization has declined by 5%.
- Bitcoin price plummeted below $35,000, dropping into bearish territory as US stock markets follows suit.
Russia recently announced that it would launch military action in Ukraine. Several media reports have noted that explosions were heard in Kyiv, the capital of Ukraine. Bitcoin price has dropped below $35,000, in tandem with the stock markets in the United States.
Bitcoin price slumps as tensions rise
Bitcoin price witnessed a sharp decline after Russian President Vladimir Putin officially announced a “special military operation” to complete the “demilitarization” of Ukraine.
Media outlets have reported explosions in the capital of Kyiv after Putin declared war on Ukraine. There have also been reports of a series of blasts heard in the city of Kharkiv, around 480 km to the east of the Ukrainian capital.
The total cryptocurrency market capitalization has fallen nearly 5% in the past 24 hours. US stock markets have tumbled, with the Dow Jones Industrial Average plummeting 1.38%.
Bitcoin price dropped 7% in the past 12 hours to under $35,000, falling below the lower boundary of the symmetrical triangle pattern at $36,673, putting a further 32% collapse toward $25,039 on the radar.
Bitcoin price may fall toward the nearest level of support at the January 22 low at $34,056, before dropping toward the June 27 low at $31,973.
BTC/USDT daily chart
Additional lines of defense may emerge at the June 26 low at $30,151 before reaching the 127.2% Fibonacci extension level at $27,652.
However, if buying pressure increases, Bitcoin bulls may attempt to reach the lower boundary of the prevailing chart pattern at $36,930, coinciding with the 78.6% Fibonacci retracement level next.
Bigger aspirations will target the 50-day Simple Moving Average (SMA) at $40,138 next.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?