Bitcoin (BTC) rose nearly $ 1,000 in just a few minutes during January 12, when encouraging signs appeared on stock exchanges.
BTC / USD hourly candlestick chart (bit stamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD reached $ 43,468 on Wednesday, the highest level since January 6.
Traders said the pair is set to continue volatile movements, with more and more people opting for an upward rally over a resumption of a downward trend.
They claim that this is likely to happen in the form of a “short squeeze” against late short positions, and the sudden rise in the week on Wednesday seems to support this theory.
Financing rates on derivative platforms remained neutral or negative during volatility, which also indicates that the market translated into new losses.
Bitcoin finance price chart. Source: Coinglass
Renowned trader and analyst Scott Melker, aka “The Wolf of All Streets”, has confirmed his immediate price target for getting rid of Bitcoin. He told his Twitter followers that restoring higher levels above $ 50,000 would be a turning point for market entry.
Meanwhile, in a YouTube update on Tuesday, Cointelegraph member Michael van de Poppe cited $ 43,000 as a potential starting point for the $ 46,000 trip due to the lack of resistance between the two.
“I still get orders for $ 38,000; they will not be beaten, but I buy in bulk here. ”
US Consumer Price Index (CPI) data released Wednesday at 08:30 ET can put petrol on the fire if inflation falls below expectations.
Ethereum is among the largest altcoins
Since Tuesday, altcoins have utilized Bitcoin’s newfound power.
RELATED: Bitcoin foreign exchange flows show the largest daily growth since September 2021
The top 10 cryptocurrencies by market value added more than 4% in one day, led by Polkadot (DOT), Terra (LUNA) and Ether (ETH).
As of this writing, the latter is up more than 5%, bouncing sharply from the $ 3,000 support.
Temporary candlestick chart ETH / USD (bit stamp). Source: TradingView
There have been altcoin warnings across the board in the past, and tokens have not experienced “real pain” during the current downturn.
