Bitcoin Fails to Beat Resistance as Weekly End Still Unable to Hit $40K

Bitcoin (BTC) dipped below $40,000 on Feb. 27, and hopes for a weekly close hinge on avoiding four straight months of red candles.

Tensions mount in trading markets

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD made multiple attempts to break out of the $30,000-$40,000 corridor on Sunday, but ended in rejection.

Traders were relieved as BTC/USD remained elevated throughout the weekend after a volatile week amid geopolitics and media headlines.

Right now, $38,500 is the level Bitcoin is watching for this week and the end of the month — a failure to reach that level would mean four consecutive months of red candles.

As Cointelegraph reported, despite the downside move triggered by the Ukrainian invasion, bulls failed to hit lower lows last week, bottoming out at $34,300 from a January bottom of $32,800.

“Cautiously optimistic that this is a short-to-medium-term bottom for BTC,” continued popular trader and analyst Pentoshi.

“I canceled my 40.3k order (not great) and will focus on higher 41.6k to reduce risk. There will definitely be some nice upside. I remain cautious as I don't think the macro picture is positive .”

The macro situation could create a fresh round of uncertainty at the open on Monday, as Western countries take steps to cut off offshore liquidity for Russian banks and the SWIFT payment system.

Putin's reference to Russia's nuclear deterrent also ruffled people over the weekend, and Ukraine and Russia began talks on the Belarusian border on Sunday.

Meanwhile, for bitcoin proponents, the potential knock-on effects of Russia’s financial sanctions and the cryptocurrency’s status as a neutral network for value transfers are coming into focus.

“Still dealing with the implications,” former Coinbase CTO Balaji Srinivasan wrote on Twitter in response to the central bank’s asset freeze.

"It's a financial neutron bomb. Bankrupt people without blowing up buildings. Hit all 145 million Russians at once, every ruble holder. In extreme cases, the Russian economy could collapse."

Ukraine, meanwhile, has started accepting military donations in Bitcoin, Ethereum (ETH) and Tether (USDT). As of this writing, the company’s wallets have received over 91 BTC ($3.57 million), 1,797 ETH ($5.02 million), and $1 million USDT.

Weekends are 'boring' for cryptocurrencies

However, for the overall crypto market, opportunities are few and far between, as market sentiment remains in "wait and see" mode.

None of the top 10 cryptocurrencies by market capitalization have registered significant gains or losses over the past 24 hours.

ETH/USD is trading near $2,800 but is up nearly 6% on a weekly basis.

“It’s not surprising that the weekend’s market moves were rather lackluster,” concluded Cointelegraph contributor Michaël van de Poppe.

"The Ukraine war is likely approaching a very busy and turbulent week. Don't get bored with where you stand, take your time. Sentiment and momentum can shift quickly because of these political events."