Bears Tighten Hold On Market, Why Bitcoin Must Close The Week Above $36,000

Bitcoin is currently down on the charts and has broken below $35,000 as at the time of this writing. As the crisis between Ukraine and Russia rages on, with reports of the latter already invading the former, the markets have taken a beating down even before the financial markets open for trading for the day. This is a significant point for the digital asset, and without recovery, bitcoin may very well solidify its position in the bear market. Bitcoin Needs To Hold Above $36,000 Crypto analyst Justin Bennett recently released his weekly newsletter where he maps out the movement of the pioneer Digital asset. For Bennett, $36,000 is an important point that the bulls need to hold above. However, the digital asset has since broken below this point, so what happens if the bulls are unable to get the value back up above this level? Related Reading | Bitcoin Investors Haven’t Responded To Russia-Ukraine War With Large Inflows (Yet) Bitcoin is now far from being constructive, especially with the numerous dips that have rocked the asset. It had fought hard at $39,000 but had eventually succumbed to tremendous sell pressure that dragged it below support. Next was the $36,000 support area. But the digital asset has since broken below this since news of the Russian invasion broke. Next was $35,000, below which is the 4-month range low at $30,000, says Bennett. BTC starts another recovery trend | Source: BTCUSD on TradingView.com ...