Bitcoin shows its predilection for peace another time as hope of a faster finish to hostilities sends BTC worth action over $40,000
Bitcoin (BTC) saw instant volatility on March 11 amid the hope that the Russia–Ukraine conflict may realize a diplomatic answer.
Hope rises — but so do Bitfinex shorts
Data from Cointelegraph Markets professional and TradingView shows BTC/USD briefly stormy $1,400 before reversing to consolidate below $40,000 on March 11.
Bitcoin, that is already glorious for not "liking" escalations in armed conflicts, instantly rebounded in line with European and united states stock markets. Germany’s DAX bounced 2.6% on the news, whereas S&P 500 futures were up 1.1% before the Wall Street open.
At the time of writing, volatility remained in BTC/USD, with bulls making an attempt to crack $40,000 resistance additional convincingly.
Previously, however, warnings had come back from those observation speedily mounting shorts on major exchange Bitfinex — a classic sign that short-timeframe draw back can be impending.
These were still climbing at the time of writing, visible on each daily and lower timeframes and at their highest levels since July 2021.
The push to $40,200 native highs caused a moderate liquidation of short positions on derivatives platforms, information from watching resource Coinglass shows.
Traders remain cool
Bitcoin still remained in need of the higher finish of its established trading vary, with the realm north of $42,000 proving not possible to carry for long throughout 2022.
( William Suberg, Cointelegraph, 2022 )