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Cryptocurrency LUNA Reaches 5-week High, Bitcoin Facing Violent Resistance at $40K

 

Bitcoin Facing Violent Resistance at $40K

After being unable to overcome the $40 thousand level yesterday, Bitcoin fell by about $2000 in the following hours, but it recovered some losses and rebounded to the $39,000 level.


Most cryptocurrencies are unusually quiet on a daily scale, but looking at a broader timeframe, LUNA has charted a monthly high.

Bitcoin price fluctuates around $39,000:

The past several days have been very volatile for the cryptocurrency arena, as well as all other financial markets since Europe experienced its first war since 1945.


After weeks of escalating tension, Russia finally launched a special military operation against Ukraine during the week, sending most markets into turmoil.


Bitcoin fell from $39,000 all the way to $34,000, but the reassurance of the US and other countries that they would only impose tough sanctions and not engage in an all-out war against Russia led the market to bounce back.


Bitcoin has regained all its lost value and tried to challenge the $40,000 level yesterday but to no avail.


The subsequent refusal pushed the price of the coin south to about $38,000.


Then Bitcoin bounced back and is currently at the familiar level of $39,000.


As a result, its market capitalization is close to $750 billion.

LUNA sees its highest level in 5 weeks:

As with Bitcoin, most altcoins experienced similar price swings during the week.


However, most of them calmed down recently.


On the choppy days, the price of Ethereum dropped to $2,200, with the second-largest cryptocurrency now stabilizing at around $2,760 after a slight daily increase.


Binance, Cardano, Avalanche, Polkadot, and Dogecoin are also shown in green.


Project Terra coin is among the best performing cryptocurrencies once again, seeing a further increase and reaching its highest price level recorded in late January at over $75.


The overall cryptocurrency market cap has risen to nearly $1.78 trillion.

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