No one doubts that Bitcoin is still the most important cryptocurrency, and it may stay that way for a long time, but it is in a complicated moment due to different factors.
Last weekend Bitcoin held above the $41,500 resistance level over the weekend after it was unable to break the $46,000 resistance level.
What Actions in the World Affect the Value of Bitcoin?
Like currency markets around the world, cryptocurrencies are suffering the ravages of fears of an armed conflict in Ukraine, not to mention doubts about Federal Reserve rate hikes leaving investors.
In addition, after falling to an annual low of $33,000 in January, Bitcoin reached monthly highs of $46,000, which was reached at the end of 2021, but the strength shown in February is not consolidated.
How Much is Bitcoin Currently Trading at?
For now, Bitcoin has traded above $43,500, even approaching $44,000 at times, but it needs a series of positive news for it to maintain that upward effect.
Some cryptocurrency experts are confident that Bitcoin will return to $50,000 before the end of February, although other scenarios point to a fundamental bearish high of $44,000 before it begins to markdown.
Even several major cryptocurrency assets suffered a drop of more than 20% in the last week, even with Bitcoin’s apparent resilience.
It is important to consider that the Relative Strength Index (RSI) levels, a price chart indicator that calculates the magnitude of price changes, showed readings of 39 on Monday, suggesting the end of the weekend decline.
Readings above 70 suggest that an asset is “overbought” and could undergo a correction, while below 30 implies “oversold” where assets may recover.
