BTC Price Retraces as Bitcoin Reaches Overbought Region-February 28, 2022
BTC/USD has reclaimed the $40,000 psychological price level as Bitcoin reaches overbought region. The $45,000 price level is the overbought region of the market. Buyers have another task of breaking above the $45,000 overhead resistance. A break above the $45,000 high will catapult Bitcoin to rally above the $50,000 price level.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
On February 28, BTC’s price rebounded above the $38,000 support as the market rose to the high of $44,952. The upward move is facing resistance at the recent high. The largest cryptocurrency will be compelled to decline to previous support above $41,000. Alternatively, after a minor retracement, the bulls will attempt to break the $45,000 overhead resistance. If buyers are successful above the $45,000 high, Bitcoin will rally to $51,000 high. On February 15, the bulls fail to break above the resistance. Consequently, Bitcoin declined to the $36,000 support. Meanwhile, BTC’s price is at level 60 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and capable of a further upward move.
Ukraine Crypto Wallets Accept Donations Polkadot (DOT)
In the Polkadot (DOT) ecosystem, cofounder Gavin Wood has donated $5.8 million or 298,367 DOT to the Ukraine crypto wallets. Because of the ongoing Russian-Ukraine war, there were calls from the crypto community for donations. After Gavin Wood’s donations, the total crypto donations for Ukrainian charities, the military, and the government have been over $37 million. Wood’s donation is one of the largest individual crypto donations to date. Other donors include Sam Bankman-Fried’s platform, FTX, who donated $25 to each Ukrainian on his exchange platform. Secondly, the CEO Deepak Thapliyal of Chain.com donated 100 Ether (ETH), or over $280,000.
Meanwhile, BTC price is facing rejection at the $45,000 resistance zone as Bitcoin Reaches overbought region. Meanwhile, on February 26 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that Bitcoin will rise to level 2.0 Fibonacci extension or $45,339.20. From the price action, Bitcoin is retracing after reaching the high of $44,952.
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