The value of Bitcoin and other crypto-assets experienced sharp price changes over the past 24 hours amid Russia's invasion of Ukraine on Thursday (24/2). As a result, the market cap across all cryptocurrencies fell to $1.5 trillion, a loss of nearly 9%. If you’re interested in knowing more about bitcoin usd visit this link to learn more.
The value of Bitcoin even fell as much as 8% to touch the lowest level in a month. On the other hand, BTC was observed to have returned above the US $ 38,000 on Friday (25/2).
Toko Crypto trader Afid Sugiono sees Bitcoin is in a short correction after a sharp decline. "Global financial markets and crypto markets have been hit hard over the last 24 hours due to Russia's invasion of Ukraine. These caused investors to scramble, and sell-offs occurred in most asset classes. However, after information about additional sanctions from the US, the crypto market corrected, but in the future, it will still be depressed," said Afid in his research, Friday (25/2).
Afid banned/froze assets and all sectors of the Russian economy in the United States and Europe, making Bitcoin one of Russia's alternative ways to solve the problem. In addition, investors seemed eager to buy crypto assets when the price sank yesterday.
On the other hand, according to Afid, 80 percent of the crypto market is still stuck in a bearish situation. Moreover, the ongoing tension between Russia-Ukraine could put Bitcoin in a rough patch, and it could fall deeper or be stuck between US$ 30,000-36,800.
What Bitcoin Expected to do now?
Bitcoin is expected to move towards its support level because the longer the price stays below $39,600, the more likely a downside move is. Meanwhile, for BTC to get into a bull situation, it has to cross the overhead hurdle at US$ 45,821.
"The overall market will still decline until March. But from this decline, there will be a slight pullback, judging from the technical analysis, almost all crypto assets, both Bitcoin, Ethereum, and others, have shown a reverse cup and handle pattern," said Afid.
Afid explained that the price of crypto assets is still related to the dominance of Bitcoin. If Bitcoin continues to experience declines and pressures, other crypto assets or so-called altcoin will have the same fate or even worse. Therefore, the term Bitcoin emerged as the Mother of Crypto.
Meanwhile, the ups and downs of the crypto market are also directly related to supply and demand. Therefore, investors think this is the right time to enter when the crypto market is down. However, investors need to be wary of this, considering that crypto volatility is still relatively high, and no positive catalyst can revive its performance, even though it looks like it will rebound.
Again, investors must understand the risks of investing in crypto assets. Perform fundamental analysis by studying crypto assets before investing and conducting technical analysis to determine the right time to buy, sell or take profit assets. It is also essential to choose the right Auto trading software during this situation.
The Russo-Ukrainian War Widens, Bitcoin Can Drop to the US $ 20,000's
The North Atlantic Treaty Organization (NATO)’s decision to take further steps regarding Russia's attack on Ukraine caused the prices of all crypto assets to be bloody.
Money Market Observer Ariston Tjandra said Bitcoin is now a risky asset because many large institutions own Bitcoin so this war can put pressure on the asset. However, conflict situations are very dynamic and can escalate quickly and de-escalate.
"If it escalated with a widespread war, Bitcoin could be sharply corrected to the US$ 20,000 area. And this usually drags other crypto assets as well. Because the volatility of Bitcoin is also high, Support is strong right now at US$ 30,000 per BTC, but if the war escalates, it could breakthrough. On the other hand, if it is de-escalated because diplomacy is prioritized in this conflict, Bitcoin could strengthen again to the area of US$ 40,000 per BTC," he said to Investor Daily, Thursday (24/2).
Litedex Protocol CEO Andrew Suhalim added Bitcoin and other major cryptocurrencies were corrected again following the movement of the global stock market, which also weakened again because the conflict between Russia and Ukraine is still heating up to this day. Even though it is corrected again, the correction in crypto still tends not to be large, where the correction is in the range of 1%-2%. After briefly ignoring the Russia-Ukraine conflict on Wednesday, investors are again worried about the de-escalation of tensions between the two countries part of the Soviet Union.