Bitcoin (BTC<\/a>) faced down $40,000 on Feb. 27 as hopes for the weekly close hinged on avoiding a fourth red monthly candle in a row.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD making several attempts to break out of the $30,000-$40,000 corridor Sunday, all of which ended in rejection.<\/p>\n The pair had stayed broadly higher throughout the weekend, cutting traders some slack after a week of volatility at the hands of geopolitics and media headlines.<\/p>\n Now, $38,500 was the level to watch for Bitcoin to close out the week and the month \u2014 failure to do so would mean a fourth straight monthly red candle.<\/p>\n #Bitcoin<\/a> has less than 36 hours to close above $38.5k in order to break the streak and avoid having 4 straight red monthly candles https:\/\/t.co\/PX45GlOLrZ<\/a><\/p>\n \u2014 Matthew Hyland (@MatthewHyland_) February 27, 2022<\/a><\/p><\/blockquote>\n As Cointelegraph reported<\/a>, bulls were spared a lower low last week, despite the downside move on the Ukraine invasion, bottoming out at $34,300 versus $32,800 in January.<\/p>\n “Cautiously optimistic this is a short to mid-term bottom for BTC,” popular trader and analyst Pentoshi continued<\/a>. <\/p>\n “I pulled my 40.3k orders (not great) and will focus higher to 41.6k for de-risking. Must flip that and there’s some pretty decent upside. I am still cautious bc the macro landscape imo is anything but bullish.”<\/p><\/blockquote>\n That macro landscape was poised to deliver a fresh bout of uncertainty on Monday’s open thanks to moves by the West to cut Russian banks off<\/a> from off-shore liquidity and the SWIFT payment system.<\/p>\n A mention of Russia’s nuclear deterrent by president Vladimir Putin likewise ruffled feathers over the weekend, with Ukraine and Russia beginning negotiations on the Belarusian border Sunday.<\/p>\n For Bitcoin proponents, meanwhile, the potential knock-on impact of Russian financial sanctions and the cryptocurrency’s status as a neutral network for value transfer began to take center stage.<\/p>\n What does it mean for USD & SWIFT if *both* sides of the conflict opt into #Bitcoin<\/a> for its superior features? <\/p>\n Answer: It means all countries & institutions better buy up as much #Bitcoin<\/a> as they possibly can now b4 their financial platform gets obsoleted.<\/p>\n \u2014 Jason Lowery (@JasonPLowery) February 26, 2022<\/a><\/p><\/blockquote>\n “Still processing the implications,” former Coinbase CTO\u00a0Balaji Srinivasan wrote<\/a> as part of a Twitter response about freezing the central bank assets. <\/p>\n “This is a financial neutron bomb. Bankrupts people without blowing up buildings. Hits all 145M Russians at once, every ruble holder. In a maximalist scenario, possible collapse of the Russian economy.”<\/p><\/blockquote>\n On its part, Ukraine began to accept donations<\/a> for its army in Bitcoin, Ether (ETH<\/a>), and Tether (USDT<\/a>). Its wallets had received over 91 BTC<\/a>\u00a0($3.57 million), as well as 1,797 ETH ($5.02 million) and $1 million in USDT at the time of writing.<\/p>\n For crypto markets overall, however, there were few opportunities as sentiment remained very much in “wait and see” mode.<\/p>\n Related:\u00a0Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rally<\/a><\/em><\/strong><\/p>\n Out of the top ten cryptocurrencies by market cap, none managed noticeable moves up or down over the past 24 hours.<\/p>\n ETH\/USD traded at near $2,800, with weekly gains nonetheless approaching 6%.<\/p>\n “Pretty boring market movements during the weekend and that\u2019s not weird,” Cointelegraph contributor Micha\u00ebl van de Poppe summarized<\/a>. <\/p>\n “Probably approaching a very hectic & volatile week with the war in Ukraine. Don\u2019t go ham on your positions, just play it slow. Sentiment and momentum can switch fast due to these political events.”<\/p><\/blockquote>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/6b2d1f94-3ef5-48cb-86f3-9d795fcf4f16.png\")
Tensions mount for TradFi markets open<\/h2>\n
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Weekend stays “boring” for crypto<\/h2>\n
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