BTC/USD - Weekly Overview

During the past week, Bitcoin faced intensive volatility led by the headlines that Russia invades Ukraine on Thursday. The news forced BTC to drop straight from to around 34K. However, buyers at lower levels gave a push back in no time. This further led to the testing of EMA-20 ($39,600) which went unsuccessful as investors are looking for relevant exists around the psychological mark of 40K. Currently, the price level is forming a temporary support zone of around 36.5K. Further, we can expect the price to move within the range drawn on the chart.

MACD levels indicate further selling pressure on BTC in the upcoming trading sessions. The levels have faced a bearish crossover and currently forming red bars on the histogram.

Overall, the price momentum for this week will be much dependent on the developments around global factors including the Russia-Ukraine conflict. Considering the technical side, BTC is having support at $36,500 followed by $34,500., resistance levels are placed at 40K and respectively.