After a week of correction and consolidation, the cryptocurrency market has completely reversed its trajectory. In the last few hours, the broader cryptocurrency market has followed with massive buying, with Bitcoin (BTC) gaining a steady 15%+. As of press time, Bitcoin is trading at $43,219 with a market cap of $819 billion.

Bitcoin has recently been at the center stage of the Russia-Ukraine war crisis, with bitcoin donations coming in from Ukrainians around the world. Whether today's price spike is the start of a strong trend reversal remains to be seen. However, Bitcoin (BTC) is approaching its 100-day moving average (DMA). Any break above this and we could see a move towards its 200 DMA.

#Bitcoin closed at the 100-day moving average. Still a long way to go to the 200-day average. pic.twitter.com/hNrCafP6X8

– Lark Davis (@TheCryptoLark) March 1, 2022

One positive indicator, however, is that bitcoin add-on addresses have been rising despite massive corrections and concerns over the Russia-Ukraine war. In fact, they have turned parabolic in February.

#Bitcoin Adding addresses in a parabolic pattern. pic.twitter.com/V8aIpyNPFB

– Lex Moskovski 🐙 (@mskvsk) March 1, 2022

Santiment, an on-chain data provider, explains that last week, trader sentiment fell to its lowest point since October 2020 on news of the war, triggering a lot of FUD. Santiment explains.

Historically, when this level of FUD for the week and negative posts from the cryptocurrency crowd occur, prices have a tendency to rally higher. It is not surprising to see this breakout occur after we have seen the lowest point in weighted social sentiment since October 2020.

Cryptocurrency registers strong rebound

Along with BTC, cottage coins saw a solid move, with all of the top 10 cottage coins recording double the digital gains. Ether (ETH) is up 11% to nearly $3,000.

On the other hand, Terra's LUNA is continuing its massive rally despite the difficulties. As of press time, LUNA's price is up 24% and is currently trading at $87.58 with a market cap of $33 billion. On the weekly K chart, LUNA is up 76% despite the recent plunge in the cryptocurrency market.

With its recent move, Terra LUNA has surpassed giants like Cardano and Solana to become the seventh largest cryptocurrency by market cap.

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