BTC/USD ended the day at $43,202.0, having reached a high of $44,198.0 and a low of $37,502.0. On Monday, the cryptocurrency market surged with high gains after the Treasury Department imposed new sanctions against Russia’s central bank. BITCOIN jumped more than 10% in a single day and reached a level above $44,000. Talks between Russian and Ukrainian negotiators could continue over the next few days.

However, reports have suggested that no deal has been reached on a ceasefire so far. As Russia continued to invade Ukraine, the US and European nations imposed more sanctions on Russia. As a result, they prohibited transactions with the Russian central bank and the Russian sovereign wealth fund.

According to Kaiko data, the trading volume between Ruble and Bitcoin reached a nine-month high. In response, Ukraine’s Vice Prime Minister, Mykhailo Fedorov, requested that all major cryptocurrency exchanges block addresses belonging to Russian users. Since Russia’s invasion of Ukraine began, transactions on centralized bitcoin exchanges in both countries involved in the conflict have reached their highest levels in months. This highlights the role cryptos can have in a military conflict.

The Ukrainian government has raised more than $10 million in cryptocurrency donations. Crypto donations to the Ukrainian government and NGOs supporting the military reached about $17 million. Negotiations between Russian and Ukrainian officials have already started for a potential end to the fighting, but no signs of the ceasefire have been reported yet. More talks are set to come through in the next few days. The Purpose Bitcoin ETF (BTCC), located in Canada, has reached an all-time high in holdings. It was the world’s first spot-settled BTC ETF, and currently, it has about 32,329 BTC. The value of Purpose Bitcoin ETF holdings has reached $1.3 billion. On-Chain College reported that this ETF gained around 7,700 BTC in four months.

Meanwhile, the multinational e-commerce giant eBay has shown interest in offering cryptocurrency payments. The firm’s CEO, Jamie Lannone, has said that eBay was reportedly looking into accepting cryptocurrency as a means of payment. The company has a target of being a place for Gen-Z and millennials, and now it is studying the possibility of adding cryptos to its payment mechanism. All these developments drove a spike in BTC prices on Monday.

Daily Technical Levels

Support Resistance

39070 45766
34938 48330
32374 52462
Pivot Point: 41634

BTC/USD Technical Outlook

On the hourly chart of the BTC/USD pair, there was a break over a critical negative trend line with resistance above $38,000. It paved the way for a significant rise above the $40,000 resistance level and the 100 hourly simple moving average. The price increased by more than 10%, a definite rise above the $42,000 resistance zone. It even broke through the $43,000 barrier and went as high as $44,192.

Bitcoin is currently consolidating and trading well above the 23.6 percent Fib retracement line of the upward advance from the swing low of $37,029 to the high of $44,192. On the upside, an immediate resistance level is approaching $44,000. The first significant resistance is located near $44,200.

If bitcoin fails to break over the $44,200 barrier level, it may trend downward. On the downside, there is immediate support near $43,000. The next significant support is predicted at about $42,500. If the price breaks below the $42,500 support, it may gather bearish momentum towards $40,500. It is close to the 50% Fib retracement level of the upward advance from the swing low of $37,029 to the high of $44,192.