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- Is Bitcoin ready for a reversal?
News & analysisBitcoin has seen a resurgence in recent days on the back of the Ukraine/Russian conflict. The price has risen 15% as money has poured into the cryptocurrency. Western countries have placed economic sanctions as an attempt to reduce military conduct from Russia. This includes excluding several Russian banks from the SWIFT network. Consequently, the Rouble collapsed and in order to protect the Russian economy the Central Bank raised interest rates to 20%. The central banks also restricted foreigners from selling securities. In response, many Russian citizens have turned to crypto currency as an alternative Rouble. Russian denominated Bitcoin volumes touched 9-month highs in the past week to signify this shift.
Technical Analysis
The long-term trend of BTC/USD is showing an exhausted double top. For this to be confirmed the price needs to continue to move down and break through the support level at $28,892.
If the price can break through the neckline, then the next price target should be at around $50,000.
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#GeoPolitical #GeoPolitics #Markets #CurrenciesNext Article
Volatile market continues following failed peace talks between Russia and the Ukraine
Global indices were choppy overnight, mainly finishing lower on the back of failed peace talks and Russia continued advances in Ukraine. According to reports from the French government, the Russian president Vladimir Putin intends to take the country by any means and that “the worst is to come”. The reports sent the FTSE 100 down 2.57%. The dec...
March 4, 2022Read More >Previous Article
What is SWIFT and the sanctions against Russia?
The Society for Worldwide Interbank Financial Telecommunication, legally S.W.I.F.T. SC, is a Belgian cooperative society providing services relate...
March 4, 2022Read More >Please share your location to continue.
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