The tension of the war involving Russia and Ukraine led BTC to trade below US$ 35,000, reinforcing investors’ fears. However, following the economic sanctions that Russia suffered after the attacks, BTC quickly appreciated, returning to a level above US$ 42,700.
Source: TradingView
In Transfero’s assessment, this may have been a sign that both the Russian government and citizens sought safety in the crypto market, showing that bitcoin can indeed be used as a store of value and protection against political/economic crises.
“The windows of opportunity for trading the asset in the short term are evidenced between prices of US$ 42.7 thousand and US$ 37.5 thousand. It is worth pointing out that this political/economic war scenario brings a lot of uncertainty to the market, so it is important to keep an eye on the main trading points explained in the chart above”, alerted Transfero’s Asset team.
Source: Crypto Fear & Greed Index
In the last seven days, ending March 4, the Fear & Greed index has fallen some more, highlighting investors’ fear of war. However, according to analysts, the index change is somewhat “unstable” in a three-month period, which shows that overall the market is a bit unsettled.
“This sentiment, although it looks bad, is what can define the best buying opportunities”, Transfero pointed out.
Trade bitcoin and other cryptoassets at Transfero Crypto with deposit and withdrawal in Brazilian reais.
