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As a result of the current turmoil in global financial markets, Bitcoin/USD has gained 15% in two phases.
Bitcoin (BTC) rose to $44,000 overnight on March 1 as the rally that started on Monday produced unexpected results, according to Bloomberg.
Traders are warning of “massive variables” in the price of Bitcoin (BTC).
BTC/USD reached as high as $44,250 on Bitstamp, according to TradingView data, before settling at $43,750, which was still above $43,000 at the time of writing.
The move had come in two separate spurts, the first shortly before Wall Street opened.
Analysts had been unable to predict what would happen to Bitcoin price action in the face of a highly uncertain macroeconomic backdrop, a mood that persisted as new local highs were hit.
Yesterdays #BTC trade we took with the group.
— Crypto_Ed_NL *not asking to send DM's* (@Crypto_Ed_NL) March 1, 2022
Didn't expect it to run that hard tbh. Would have raised TP probably because I think it can do 1 more leg up before some correction. Red box was for the entire move, now 1 more (smaller) leg to go imo.
Nice, quick profit đź‘Ť pic.twitter.com/1suDz8pk7p
Looking ahead to March, a well-known trader and analyst Pentoshi predicted that even more triggers would creep into the macro picture.
“I just want to state that March is a month with many variables,” he wrote to his Twitter followers on the same day.
“Consequently, I think a daily approach is best. There are many things happening in the world right now. At this time it is an unknown. I am still leaning towards an annual opening, but then it will be a matter of waiting and seeing”.
Despite this, he admitted he “didn’t see” the extent of Bitcoin’s rapid gains, despite taking a more bullish stance as recently as February.
Aside from the ongoing Russia-Ukraine crisis, the Federal Reserve is likely to raise interest rates this month, according to market expectations. On March 10, the consumer price index (CPI) of the United States will be known.
According to Coinglass, current events have been especially damaging for bears, with cross-cryptocurrency liquidations reaching $305 million in just 24 hours.
Bitcoin outperformed most of the top ten cryptocurrencies in terms of market cap, recovering 15 percent in just 24 hours.
Related: 5 Bitcoin news to watch out for this week:
The cryptocurrency Ether (ETH) gained almost $370 to reach $2,970 but was unable to break above a major resistance level higher.
With an increase of over 20% in just seven days, Terra (LUNA) has regained the top spot.
