BTC/USD Struggles above $40K as Bitcoin Falls Marginally

BTC Price Faces Stiff Rejection at $45K as Bitcoin Falls Marginally – March 4, 2022

For the past three days, BTC/USD has been declining after reaching a high of $45,570 as Bitcoin falls marginally. The downtrend has reached a low of $40,962 as the BTC price consolidates above the current support. The uptrend will resume if the current support holds.

Resistance Levels: $70,000, $75,000, $80,000 Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Following the February 28 price rebound, Bitcoin rallied to a high of $45,470. The bulls could not penetrate the overhead resistance as buyers faced rejection. The bears have provided stiff resistance at the overhead resistance. Today, Bitcoin has retraced and found support above the moving averages.BTC price will rise if price holds above the moving averages. Nonetheless, a strong rebound above the $40,962 support will catapult BTC’s price above the overhead resistance. The bullish momentum will extend to the high of $51,000 high. In the meantime, the BTC price is hovering above the moving averages. The bottom line is that if price breaks below the moving averages, the bullish scenario will be invalidated. The bears will have the advantage of pushing Bitcoin to the low of $36,000 price level.

Anti-war Russians to Donate Crypto Anonymously to Support Ukraine

According to a report, the Prosecutor General’s Office of Russia has warned that Russians risked jail time of up to 20 years if they assist Ukrainians as the special military operations continued. Any assistance to Ukraine is considered as high treason by the Russian state. In another development, Pavel Muntyan is a renowned Russian animation producer and creator of the animated web series called Mr. Freeman. He has called on anti-war Russians to support Ukrainian citizens because of the ongoing war. He said Russians can donate with any token using his crypto address.

That is, on the BNB Smart Chain, Polygon, Ethereum, HECO, and Avalanche blockchains without disclosing their identity. He wrote: “Now you can help Ukraine and do it anonymously. With the help of crypto […] All the money will be used to provide Ukrainian civilians […] with essential goods, as well as to support the families of soldiers of the Ukrainian army.” He indicated that the raised funds will be used to help innocent people and are not to support any military operations.

Meanwhile, Bitcoin is declining and approaching the $40,000 psychological price level as Bitcoin falls marginally. Nonetheless, Bitcoin is below the 20% range of the daily stochastic. BTC’s price has reached the oversold region of the market. The upward move will resume if the crypto holds above the psychological price level.