Yesterday, we saw an impressive 15% move in the bitcoin price, printing some magnificent green candles. Once again, we are now above the important $40,000 level. This move to the upside was in anticipation that cryptocurrencies may gain popularity as a result of sanctions imposed against Russia.
After peaking at about $44,200, the BTC price is currently trading at $43,000, which is the same level it was at just two weeks ago. Bitcoin struggled to break through the $44,000 – $46,000 resistance at that stage, but if the price can break this resistance level in the next couple of days, it should move up to the next area of resistance at the $49,000 – $53,000 level. On the downside, if we fail to break through that resistance level, the price could once again come down to test the $41,000 support level.
With the trading restrictions being imposed on Russia, it sure looks like transacting in crypto could be an alternative right now, and this will be very bullish for crypto in the short term.