As mentioned above, Bitcoin has found a support level between US$37k and US$40k to stabilize the future outcomes.
However, resistance at US$46,700 remains in tack. Currently, BTC is on a mission to break through the resistance level before it is too late.
Bitcoin price analysis suggests that huge swings are on the way. In the past year, BTC’s value was capped within the US$30,000-US$69,000 mark.
Since Russia invaded Ukraine and created a wedge between the country and the Western nations, Russians are transferring their wealth into Bitcoin.
Experts are warning that Kremlin might also follow to same to evade US sanctions against the country.
The US and UK are trying to cut Russia off from international financial flows. Already, Russian banks have been excluded from SWIFT, an international payment system.
According to long-term Bitcoin price analysis, the cryptocurrency might find liquidity above the US$46k area.
Since BTC is facing pressure to perform well and the factors are also coming in favor of the cryptocurrency, it might see a price surge in March and further.
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