The ongoing war between Ukraine and Russia has made the Ukraine government put a stop to the airdrop plans and reward bitcoin brokers who are donors. However, the accumulation of the number one crypto coin has increased significantly since the start of the war. 

The number of cryptocurrency investors holding 1000-10000 BTC has increased over the weeks with about 12% high as a means of wealth preservation from geopolitical uncertainties.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - 8th April 2022

Monthly Resistance Levels: 69000, 48400.

Monthly Support Levels: 32950, 28600.

For the past two months, the long position bitcoin brokers were able to dominate the bitcoin market from the support zone of 32950. The zone is a strong area for the Buyers because they have pushed the price of bitcoin up as of 01 July 2021. The BTCUSD pair needs to close above the resistance level of 48400 if the bullish run must be sustained. 

You can see that the price of bitcoin is dropping as the new month began.  It could be a pullback before the price rises to breakout above the resistance zone. However, if the price of bitcoin respects the resistance zone of 48400 bitcoin brokers may likely open short positions to sell off of bitcoin towards the support level of 32950, a close below the zone will expose the 28600 zones.

Weekly Chart

BTCUSD weekly chart - 8th April 2022

Weekly Resistance Levels: 52098, 69000.

Weekly Support Levels:   34320, 28600, 35000.

The bitcoin buyers were able to push the price up on 21 February 2022 as the weekly candle closed in a Doji. The double bottom price action pattern increased the possibility of the BTCUSD pair going up. If the bullish run is supported by strong fundamentals, we may see the price of bitcoin rally above 52098 levels.

Last week candle closed in a Doji, and the candlestick could mean a reversal because it formed around the resistance zones. If bitcoin continues to crash during this trading week, the price may find the next support zone of 35000 in the weekly time frame.

Daily Chart

BTCUSD daily chart - 8th April 2022

Daily Resistance 48250, 52500, 

Daily Support 443000, 37000, 41500.

The bitcoin market has seen the market dip in recent days as the price of the BTCUSD pair pulls back from the resistance zone of 48250. A report from CryptoQuant shows that the largest Bitcoin wallets are buying more from the dip aggressively and adding to their account in this recent downturn in the crypto market.

The report also shows that retail investors and smaller whales are selling BTC but top whales about 70 larger whales are buying the dip. Report from the BTC exchange reserves shows a slight increase in the last 7 days and at the writing of this report, the larger whales bought more than 6500 BTC (Net).

Bullish Scenario:

The BTCUSD pair has to close above the resistant zone of 48250 for us to see a good bullish run on the daily chart. Bitcoin brokers are projecting the uptrend will resume again as the bears could not break the support level of 37000. A breakout above will take the price higher to another zone.

 Bearish Scenario:

The Bearish scenario will likely continue for the week as the weekly candlestick closes in a bearish Doji. The week started in favor of the sellers, if the momentum is stronger the bearish trend will take the bitcoin price down to the support level of 41500, if the market structure is broken the bearish trend will continue.

Bitcoin BTC News Events 

New Cryptocurrencies offering through American Bank

A local bank in America whose headquarter is in Allentown, Pennsylvania has provided their customers access to cryptocurrencies Bitcoin and other ALT coins. The bank will make use of the Bakkt crypto-connect solution that will enable the customers to hold Bitcoin and Ethereum, and sell and buy any of the cryptocurrencies, the launch is expected in Q2 2022. 

The bank will use Bakkt’s teaching materials to provide cost-effective access to the cryptocurrency market as more of the bank’s customers are interested in buying cryptocurrency through the bank.

More banks in America are engaging in cryptocurrency as prominent banks like JP Morgan started offering wealth management to its clients and exposing them to cryptos in 2021. Other banks like Wells Fargo & Co and Citigroup, and JPMorgan Chase & Co also offered crypto exposure to their wealth management customers. Clients with a minimum of $2million were able to access three bitcoin funds as of March 2021. 

Conclusion and Projection

The BTCUSD pair on the daily chart shows that the whales are buying the dip of Bitcoin. The market is also not stable because of the Russian invasion of Ukraine and the high level of inflation across the board.

This article will not be giving advice for investment. It is strictly for educational purposes. Please consult your financial advisor when trading on leverage instruments, as we will not be liable for any losses incurred. Your capital may be at risk

Noah Jones

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