Bitcoin update price BTC flat crypto rising to worst case

Bitcoin update: price BTC and crypto is rising fast. Analysis and weekly forecast

Meanwhile, the US markets have closed again. We look at the live Bitcoin price and the prices of the top 25 crypto. These are rising dramatically, so we analyze the price rise of Bitcoin. We also look ahead to the coming week.

We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.

Live Bitcoin price and prices top 25 crypto rise at lightning speed

At the time of writing, the live Bitcoin price is quoting EUR 38,800.12 ($43,646.69). This is 15.42% higher than last night and also substantially higher than when the US markets closed on Friday.

The prices of the top 25 crypto coins are also rising rapidly. Apart from a few stable coins, we see only green numbers on the digital price boards. Many crypto coins from the top 25 are even rising by double digits. Terra (LUNA) gained the most in the last 24 hours with +23%. On the site of Tradeincrypto.com you can of course analyze all live crypto prices 24 hours a day, which is currently a treat for the eyes.

Analysis: why is the Bitcoin price rising so fast?

Looking at the on-chain data, we see that many Bitcoin owners are expanding their holdings in crypto and transferring their BTC to their own wallets.

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Most #Bitcoin wallet cohorts are now in net accumulation, with smaller holders being the most aggressive.

This heatmap presents the #Bitcoin accumulation score for each wallet cohort.

🟦 indicates entities are adding to their balance.
🟥 indicates entities are not accumulating. pic.twitter.com/sVp7SV6yHy

– glassnode (@glassnode) February 28, 2022

There are two reasons for this.

The consequences of the war between Russia and Ukraine, we’ll come back to this in a moment.
There was also other good news. Online auction giant eBay is considering accepting crypto payments as of March 10. This will of course make mass adoption a lot easier.

Of course, the situation in Russia also plays a major role in the rise of the stock price. We list the most important developments:

Russian investors invest massively in Bitcoin

Data from research firm Kaiko shows that the trading volume of the pairing Bitcoin/Russian Ruble is rising at lightning speed in response to the financial sanctions that have been declared. Today alone, 1.5 billion rubles were traded, which is the highest daily volume since last May.

Crypto exchanges continue to facilitate BTC transactions for Russians

This weekend, the government of Ukraine called on major crypto exchanges to block all accounts of Russian account holders. Today, the major crypto exchanges came out with a clear, dismissive response. They indicate that in addition to any restrictions imposed by governments (such as, for example, individuals and entities placed on blacklists) they will not take any additional measures to bar Russian account holders. This obviously provides assurance for Russian investors.

Incidentally, some crypto companies are showing Russian investors the door out of solidarity. One of the largest Ethereum (ETH) mining pools, Flexpool, is an example. The (Russian) founder of Ethereum (ETH), Vitalik Buterin, is also taking a strong stand against Putin’s actions.

America leaves room for crypto trade with Russia

Also today, the U.S. government published a designation. In it, they prohibit American companies from doing business with a number of specific agencies and individuals. So trading with other Russian companies and individuals remains permitted (for now). This, too, is obviously positive news for the crypto market.

Rumors: Russia and China together in crypto

Finally, there are two rumors that are causing investors to see opportunities. One rumor is that Russia is in the process of developing its own crypto currency. Linking it to Bitcoin would still allow them to continue trading.

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RUSSIAN MINISTER SAYS WE ARE WORKING ON DIGITAL “ONE WORLD ONE CURRENCY” FOR TRADE – LOCAL MEDIA

– zerohedge (@zerohedge) February 28, 2022

Adding to this is the rumor that China would like to join Russia’s plans in the crypto market by perhaps pegging the digital Yen.

Users link war to Bitcoin and crypto

Finally, we see that search engine and social media users clearly link developments in war to crypto. The overview below says it all.

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🇷🇺🇺🇦 Awareness now appears to be at full capacity among #crypto circles. Among our top 10 trend algorithm, all 10 keywords are related to the #war. With this development, #cryptocurrencies will fluctuate at peak correlation with each piece of news. 📰https://t.co/6fUEwTxtZn pic.twitter.com/SgnqRf92qq

– Santiment (@santimentfeed) February 25, 2022

Bitcoin weekly forecast

Of course, in the above reasons for the price increase, there are a number of factors that can be identified that also seem to have a positive effect in the longer term. Nevertheless, the situation in Ukraine ensures that the financial markets and therefore also the crypto market can react to events and developments at lightning speed. Therefore, the market is too uncertain to share price expectations now based on technical analysis.

So if we forget for a moment the possible influence of fundamental factors, we see positive developments for Bitcoin and the top 25 crypto currencies.

Technical analyses indicate start of bull run BTC

In addition, the positive price developments for a so-called “higher low” pattern, in which resistance levels also move up. Currently, the Bitcoin price is at the resistance level of $43,000.

At the moment, Bitcoin is rising faster than expected earlier today based on technical analysis. In a regular market, this generally leads to a correction to slow down the overly rapid growth, after which a bullish trend emerges. At the moment, of course, there is no such thing as a normal market. We are therefore looking ahead positively, but cautiously, and will continue to report on all developments around lunchtime and after the close of the US market.

Want to stay up to date on the latest stock price developments?

You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”