As Monday trading begins, signs that BTC price movement may provide investors with a much-needed silver lining intensify.
As U.S. stocks began to a defining week for markets amid geopolitical tensions, Bitcoin (BTC) received a lift from the opening of Wall Street trading on February 28.
Traders are looking for a BTC price above $40,000.
BTC/USD jumped to $39,910 on Bitstamp following the opening bell Monday, according to data from TradingView.
The move brought an end to a reasonably quiet weekend marked only by a drop into the weekly close.
With the end of the month nearing, all eyes were on Bitcoin to see if it could avoid a fourth month of losses.
The sentiment among traders backed an attack on $40,000 barrier to reassert presence higher, with the Wall Street gap up totalling $1,900 in an hour.
Crypto Ed, a well-known trader and analyst, was interested in $42,000.
Meanwhile, on the open, U.S. markets were unusually calm in the aftermath of a major shift in relations with Russia, which included a near-total ban on transacting with its central bank.
At the time of writing, the S&P 500 was down about 1%, with the Federal Reserve likely already taking steps to mitigate the impact of Russian penalties.”
From here, if BTC price can break 39.5k, I believe 41.5/42.0k will follow, and I expect LUNA to continue to outperform.
I’ll keep focusing on it as long as it works “Pierre, a popular Twitter account, posted a cross-crypto update.
Trading in altcoins is rather quiet at the start of the week
When it came to Terra’s LUNA token, it was one of just two significant cryptocurrencies that stood out at the time of writing.
LUNA/USD was up 3.9 percent at $78.27, although it was still trailing leader Solana (SOL) by 4.4 percent.
The largest altcoin by market size, Ethereum (ETH), was down 1.6 percent on the day at $2,718.
However, due to geopolitical developments, even short-term timelines remained a mystery for most.
“I honestly have no idea what to expect from the markets this week. For risk-on assets, the odds are somewhat in favor of higher, but it’s virtually an even bet ” Lola, a contributor to Coinscreed, said.