- Bitcoin price seems to ride lucrative waves today as sanctions against Russia pressure global markets.
- Bitcoin witnesses increased interest as Russians use BTC as an alternative payment method.
- The developments will see Bitcoin gaining increased interest as the latest sanctions impact Russia and the ruble.
Bitcoin (BTC) battles negative market sentiment as the coin plunged lower during the weekend. The altcoin shows an optimistic attitude at the start of the week. That comes amid increased demand as Russians use BTC as an alternative transaction method. Likewise, the local currency records substantial devalues. Furthermore, ongoing sanctions make FX, not a lucrative option. The renewed interest will likely catalyze upside movements. Experts believe Bitcoin to climb towards the $39,780, translating to a 10% upsurge.
BTC Regains the Attention It Needs
Weekend sessions had Bitcoin facing rejection before a 7% drop. Meanwhile, several sanctions on Russia triggered significant demand for Bitcoin. That comes as Russians find alternative payment options as the country’s currency suffered a 20% drop early on Monday. Moreover, residents cannot use foreign coins to complete transactions.
Such developments mean a lucrative environment for Bitcoin and other cryptos see renewed attention. Several citizens in Russia will open crypto wallets and buy Bitcoin. That can launch the initial leg-up to $39,780. For now, the Relative Strength Index had more room for lucrative moves. That plus Russia adopting Bitcoin payments will trigger further surges towards $41,756 in the short term.
Meanwhile, the current peaceful negotiation between Ukraine and Russia might see Bitcoin plunging to $38,073. The world’s leading cryptocurrency might even drop to $36,709. The situation deteriorating with new attacks, expect BTC to nosedive towards the $32,650 area, approaching the distribution zone printed some months ago. Such a move will see the Relative Strength Index dipping into the oversold region. That would suggest potential recoveries for the altcoin.
The crypto market displays a bearish outlook amid Russia-Ukraine geopolitical tension. However, Bitcoin contemplates a 10% upsurge as Russians find alternative payment means. Nevertheless, developments about the ongoing war will detect BTC’s price trends.
What are your thoughts about Bitcoin amid the crisis? Comment below.
