Bitcoin struggles to break the barriers at $39K on Monday with Biden’s executive order on cryptocurrencies due by the end of this week. The Crypto market remained volatile on Monday, March 7th.
The Crypto market is facing uncertainty due to multiple outside factors. The war between Ukraine and Russia is taking its toll on world economics. Despite being decentralized, Bitcoin depicted volatility since the day war started.
Currently, Bitcoin is trading below $39K facing resistance on the international market. The coin crossed $44k last week as the trading volume in Ukraine skyrocketed.
Also Read: Ukraine’s Top Crypto Exchange Volume Spikes 200%
Crypto traders in the USA and around the world are waiting for President Joe Biden’s Executive order on the cryptocurrency. This order will outline the status of cryptocurrency in the country. The decision will have an impact on the global market of digital assets as the USA is among the top users of crypto in the world.
Crypto markets tanked last month upon the start of the war. Right now $39,600 appears to be the resistance zone. Bitcoin needs to break that barrier in order to avoid a bearish market. In the case of bears, the market can drop to $36,000 and bounce back from there.
At the moment bitcoin needs increased supply to break out from the dormant area. The traders might face some liquidity before the market recovers. According to analysts, Bitcoin needs to go below $29K for full bear mode.
Popular altcoins like Ethereum, Solana, and Cardano are also far below their all-time highs. The total market cap of bitcoin is $1.68 trillion dollar with bitcoin dominance at 42.3%.