Wall Street open sends Bitcoin to $40K as latest BTC price surge passes 6%

Bitcoin (BTC) got a boost from the start of Wall Street trading Feb. 28 as U.S. stocks opened to a defining week for markets amid geopolitical tensions.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Traders eye BTC exit beyound $40,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $40,560 on Bitstamp after the opening bell Monday.

The move concluded what had been a relatively calm weekend punctuated only by a comedown into the weekly close.

With the monthly close approaching, eyes were on whether Bitcoin could definitively avoid sealing a fourth month of declines in a row. 

With the Wall Street gap up totaling $1,900 in an hour, the mood among traders favored an attack of $40,000 resistance to reassert presence higher.

For popular trader and analyst Crypto Ed, $42,000 was an area of interest.

U.S. stocks were meanwhile unexpectedly calm on the open in the wake of a sea change in relations with Russia, including the almost total ban on transacting with its central bank.

The S&P 500 traded down around 1% at the time of writing, with the Federal Reserve possibly already taking action to cushion the blow of Russian sanctions.

“From here the idea is that if BTC can break 39.5k I think 41.5/42.0k comes next, and I’d expect LUNA to continue outperforming. Keeping my focus on it as long as it works,” popular Twitter account Pierre wrote in a cross-crypto update.

Altcoins see calm start of week trading

On the topic of Terra’s LUNA token, this was one of only two standouts among major altcoins at the time of writing.

Related: War puts BTC price to the test – 5 things to watch in Bitcoin this week

LUNA/USD was up 3.9% at $78.27, still behind leader Solana (SOL) which managed 4.4%.

By contrast, Ether (ETH), the largest altcoin by market cap, was down 1.6% on the day at $2,718.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

For most, however, even the short-term timeframes remained a mystery thanks to geopolitical events.

“I honestly, honestly, don’t know what to expect this week from the markets. Slightly in favor of higher for risk-on assets, but it’s an equal bet almost,” Cointelegraph contributor Michaël van de Poppe admitted.

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