Investing.com – The continues to move forward, continuing to decouple from stocks and other risky assets, which meanwhile plunged yesterday amid no prospect of a quick end to the war in Ukraine.
Recall that the BTC / USD began to take off Monday afternoon from $ 38,000, and came close to $ 45,000, a rally of 18.5% in 24 hours. The cryptocurrency then corrected, but quickly found support near $43,000, resuming its upward path to settle at $44,000 at the time of writing.
However, given the fact that Bitcoin had lately exhibited behavior similar to that of risky assets in the face of various news items and the economic context, this rise in Bitcoin and the entire cryptocurrency market was welcomed as a surprise to many.
How Ukraine’s War Is Fueling Bitcoin’s Rise
Several factors were cited by analysts, such as investors buying the bottom, Russians’ attempts to use cryptocurrency to evade sanctions, and Ukrainians and Russians trying to get their money out of their countries. respective via cryptocurrency markets.
Last night, veteran investor Mark Mobius pointed specifically to the fact that the Russian people are trying to get money out of the country:
“I would say that’s why bitcoin has shown its strength now – because the Russians have a way to get the money out, get their wealth out,” Mobius told CNBC on Tuesday, adding “I wouldn’t be a buyer, but if I was a Russian, I would be a buyer”.
And the recent decree signed by Putin prohibiting the removal of more than $10,000 of foreign currency from Russia should only increase this trend.
BTC/USD is approaching a key hurdle
From a graphical point of view, it should be noted that Bitcoin is facing an important resistance zone at $45/46,000, an area that has many times served as either support or resistance since the beginning of 2021. .
A return above this zone would constitute a new major positive signal, which would put in sight the next potential objectives towards $48,500, then $50,000. On the downside, the $42,000 area is the first obvious support on the daily chart.
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