Bitcoin (BTC) recovered sharply from $ 41,000 on January 20 when bears hoping for a move to lower territory were disappointed.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair received $ 1,000 after falling to almost $ 41,000 for the first time since January 11.
In what may have been a temporary postponement, bitcoin nevertheless remained within reach, with no significant resistance attacks – a behavior that is all too familiar to detect traders in recent days.
Cointelegraph contributor Michael van de Poppe summed it up in his latest Twitter update: “Bitcoin is bouncing well, but I would be happier if we were back to the $ 42.4K range.”
In a statement earlier in the day, Van de Poppe drew $ 38,000 as the “last” line in the sand to be held in the event of another crash.
He added: “The ultimate test for bitcoin is the range of $ 38,000 to $ 40,000. Holding it will confirm that buyers are entering + bullish divergence for a reversal.”
Others were confident of the strength of the current market given a similar upswing in US equities before the Wall Street opening.
Cointelegraph has previously reported on Bitcoin’s prospects for stock market development, and the well-known analyst Mike McGlone from Bloomberg Intelligence has predicted that the broader relationship between cryptocurrency and equities will continue this year.
Another interesting topic this week, however, is the performance difference between Bitcoin and Nasdaq, as supporters hope BTC will be “decoupled” from the downtrend to the index once and for all.
Bitcoin Ethereum is approaching great support
On altcoins, only the Terra LUNA token managed to break out of the sideways movement during the day, climbing 7% to break over $ 80.
Related: Here’s why Binance Coin fell 33% from the all-time high
Ether (ETH), the largest altcoin by market value, fell 1.2% in 24 hours at the time of writing, slowly approaching $ 3,000.
Hourly candlestick chart ETH / USD (bit stamp). Source: Trading View
In his latest YouTube update, Van de Poppe set a target of $ 2,800 for short-term ETH / USD levels, noting that his RSI is enough to provide a bullish price divergence in the coming days.