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Bitcoin once again showed a preference for peace, as the hope for a faster end to hostilities led to a BTC price movement of more than $40,000.
Bitcoin (BTC) immediately fluctuated on March 11, hoping that a diplomatic solution to the Russian-Ukrainian conflict would be found.
Hope rises – but so do the Bitfinex shorts
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair briefly surged $1,400 before falling back to a consolidation below $40,000 on Friday.
The move comes after russian President Vladimir Putin made new comments, and during a meeting with Belarusian President Aleksandr Lukashenko, he said there had been a "positive shift" in ukraine.
"There have been some positive shifts, negotiators on our side told me," he said, quoted by Reuters and others.
Bitcoin, known for not "liking" the escalation of armed conflict, immediately rebounded in tandem with European and American stock markets. Affected by the news, the German DAX index rebounded 2.6%, while the S&P 500 futures rose 1.1% before the Wall Street open.
At the time of writing, the BTC/USD pair is still volatile, and bulls are trying to break through the $40,000 resistance level more convincingly.
Previously, however, those concerned about the rapid increase in bears on major exchange Bitfinex have issued warnings — a classic sign that a downside should be imminent in the near term.
At the time of writing, these are still climbing, can be seen on both daily and lower time frames, and are at their highest levels since July 2021.
Data from monitoring resource Coinglass shows that pushing up to a local high of $40,200 led to a moderate liquidation of short positions on the derivatives platform.
Traders stay calm
Bitcoin remains below the upper limit of its established trading range, with the area north of $42,000 proving unlikely to be held for the long term in 2022.
However, the latest price movements are a boon for some traders, with the popular Twitter account Anbessa telling followers that everything is going according to plan.
Meanwhile, trader Pierre highlighted a rising support wedge and the bulls should ideally keep moving forward.
The views and opinions expressed here represent only those of the author and you should conduct your own research when making a decision.
Well, the little foam will talk about this, we will see you in the next issue!