Bitcoin (BTC) brought back $2,500 of its newly won profits on February 8th, with a long-awaited correction in the middle.
Hourly BTC/USD light chart (Bit Mark). Source: Trading View
Hope $42,000 Saved
It followed data from Cointelegraph Markets Pro and TradingView BTC/USD as it approached $43,000 after hitting a multi-week high of $45,500 earlier.
At the opening of Wall Street, the rating continued while the bulls were looking for potential support levels in the event of further losses.
It previously included both $40,000 and $41,000, as well as several areas in the upper $30,000-$40,000 range.
However, it took $42,000 for popular Twitter trader Muro to gain value as a mid-range to turn bullish.
Today he summed up “either we don’t get a significant result and we go to 51”.
“Or I wouldn’t be surprised if it all came back. Be a little bullish as long as 42 stays flat.”
The accompanying chart highlights that a drop to around $38,000 is likely to be attractive to investors, but that alone won’t help the market further.
Detailed BTC/USD chart. Source: Moro / Twitter
Meanwhile, Cointelegraph contributor Michael van de Poppe said bitcoin is facing “decisive” resistance.
“Because of this, I think we don’t want to collapse immediately and make a correction -> we end up doing badly for altcoins,” he warned followers on Twitter.
At the time of writing, $43,000 was a retest as Wall Street trading did not offer fresh bullish potential.
400 days of merging and counting
In the classic pattern, those who pulled back were quieter and disputed about the current price performance in the more than 400-day consolidation phase.
Related: BTC Price Returned to $43K – 5 Things to See in Bitcoin This Week
“In my opinion, Bitcoin has been in a bull market and has been consolidating sideways for over a year. Market commentator Miles Johal wrote next to the chart, there were no bear markets IMHO, all the consolidation as you can clearly see below.. the structure appears.
“When the scale breaks, the next step will be massive. After all, this is Bitcoin.”