As Bitcoin BTC/USD tumbled on Monday evening amid worries that rising tensions between Russia and Ukraine could escalate into a major war, four analysts shared their thoughts on the largest cryptocurrency by market capitalization.
What Happened: Cryptocurrency analyst Justin Bennett noted that until Bitcoin reclaimed the resistance level in the $39,600 range, investors should remain cautious as “things are dicey.”
Cryptocurrency analyst Benjamin Cowen noted on his YouTube channel that Bitcoin’s rejection twice off the bull market support band and its weekly closes below that band indicated the market is bearish.
It was harder to break above resistance than to break below support when Bitcoin is in a downtrend, the analyst said.
See Also: How To Buy Bitcoin (BTC)
Pseudonymous analyst Altcoin Sherpa said he still sees a bearish market structure for Bitcoin until it hits some sort of higher low around the $33,000 to $36,000 range.
“I still believe that we need some sort of final shakeout before the lows can really get set on a macro scale because macro scale lows take a really long time to form,” the analyst said.
Another pseudonymous cryptocurrency analyst Kaleo said that Bitcoin’s selloff was accelerating and its next logical target was the higher time frame (HTF) diagonal linear retest in the $32,000 region.
Price Action: Bitcoin is down 6.4% during the past 24 hours, trading at $36845.97 at press time.
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