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BTC bounces back to $38,000

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Bitcoin retests a significant support/resistance zone at $38,000, with technical analysts and traders predicting that “the bottom is in.” On Feb. 22, the ongoing tensions between Russia and Ukraine remained the dominant news story, causing Bitcoin (BTC) and the broader global financial system to tremble as the world awaited some resolution.

The price of BTC traded on Feb. 22 in a range between $36,360 and $38,330 as a whirlwind of positive and negative developments sent mixed signals to traders who base their trading activity on news headlines. Rekt Capital, a crypto analyst, and pseudonymous Twitter user, mentioned the cyclical nature of BTC price movements when he posted the chart below, which shows that Bitcoin is currently retesting the primary support/resistance level at $38,000. Aside from a simple retest of support and resistance, this price range has emerged as significant in the bull versus bear market narrative, as highlighted in the chart below, posted by technical analyst Matthew Hyland.

JohalMiles, a crypto trader and pseudonymous Twitter user, issued a call to calm, posting the chart below and saying, “I sound like a broken record here, but it’s hard to believe how bearish people have become and we haven’t even broken OR tested $30,000.”

Crypto5max, a market analyst and pseudonymous Twitter user, offered a final piece of insight based on sentiment in the Bitcoin market, noting that “based on sentiment, the end is near” and posting the following chart looking at the Advanced NVT Signal. This metric divides the value of the Bitcoin market capitalization by the 90-day moving average of its daily transaction value.

Aside from Bitcoin dominance, institutional investors purchased $25 million in investment products linked to Ethereum competitor Avalanche. In comparison, multi-asset and Solana funds also saw significant inflows of $9.4 million and $1.2 million, respectively. CoinShares XBT fund lost $21.6 million, while Purpose and ProShares received $63.2 million and $26.6 million, respectively, from institutional asset managers and fund providers.

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