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The price of bitcoin has witnessed growth movement to a two week high above $45,000 this week, climbing more than $10,000 over the last seven days.

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Russia’s invasion of Ukraine initially sparked a mass sell-off, causing BTC to plummet from $39,000 to below $35,000 at the end of last week.

The cryptocurrency bounced back almost as quickly as it crashed, with some analysts pointing to bitcoin’s ability to serve as a safe-haven asset during times of geopolitical uncertainty.

Ukraine’s request for bitcoin and Ethereum (ETH) donations over the weekend prompted millions of dollars worth of cryptocurrency to be given towards the eastern European country’s defence efforts, which the Ukranian Digital Ministry saying it would be used to “help Ukraine armed forces”.

Bitcoin price has rallied roughly 14% in the last three days and set up a swing high of $44,998. While this rally is impressive , FXStreet predicts that it will approach the weekly supply zone, extending from $45,550 to $51,860.

There is a good chance BTC will pierce this zone and form a local top at $48,464 – to move beyond this level, however, will require a massive surge in buying pressure and is unlikely. At most investors can expect a higher high relative to the 10th February swing high at $45,956.

From a short-term perspective, investors can expect Bitcoin price to retrace to the weekly support level at $42,748. If investors continue to book profits BTC could pull back to the next support level at $39,481.

A long-term bullish outlook is possible if Bitcoin price can produce a daily candlestick close above $52,000. In such a scenario, market participants can expect BTC to set up a higher high and make a run at the $60,000 psychological level.

On the other hand, if Bitcoin price pierces the daily demand zone, extending from $36,398 to $38,895, It will indicate weakness among buyers. However, a daily candlestick close below $36,398 would invalidate the bullish thesis. 

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