Bitcoin (BTC) regained most of its recent losses on February 4th, but there are still fears of a retest of $30,000.
Hourly BTC/USD light chart (Bit Mark). Source: Trading View
$38,600 is still in the spotlight
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD returned to $38,000 on Friday, up more than 2% in 24 hours.
The pair bounced back overnight after struggling two days in a row at the hands of US stock brokers.
A similar turn for tech stocks later Thursday, with Amazon up 15%, set the stage for bitcoin’s rally, as BTC proponents still criticized the excessive volatility of some stocks.
In the meantime, a comeback could help prevent a deeper Bitcoin correction, yet Cointelegraph contributor Mikael van de Poppe described it as a “potential” move.
“Overall, the most likely case is a weakening of the lows of bitcoin by around $30,000-$33,000, after which we create an upward divergence and the fun continues,” he said late Thursday.
He reiterated that in order for a paradigm shift to occur, the $38,600 area still needs to be breached and preserved.
“BTC continues to form a frequency indicator just below the ~$38,650 key resistance,” a Rekt Capital trader and analyst tweeted around the same level.
“However, at the moment, BTC may be holding the top of last week’s candles as support. Technically, BTC is still in the $28,000-$38,000 range.”
Pentoshi has taken a longer time frame, indicating months of dovish predictions for BTC with fresh hopes of a resurgence.
Indicators on the chain continue to predict such a boom this week, breaking through the two-month recession, Cointelegraph reports.
Ether hits two-week high above $2800
Among the altcoins, Ether (ETH) and Solana (SOL) were in the lead, with both posting 24-hour gains of more than 5%.
Related: Whales Buy Bitcoin For $38,000 As Bitcoin Bid Per Whale Reaches 10-Year High
ETH/USD outperformed BTC/USD breaking $2800 as trader and Bollinger band creator John Bollinger indicated that current levels are a satisfactory buying area for his share of ETH.
“Ethereum is stronger here than Bitcoin,” van de Poppe added, as the largest altcoin, measured by market cap, reached its highest level since January 21.