Bitcoin (BTC) surged at the Wall Street open on January 20, when news that Russia was planning to “ban” the cryptocurrency did not affect price action.
Hourly BTC/USD light chart (Bit Mark). Source: Trading View
BTC price rises $2,500 in 24 hours
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD gained $1,500 within a few hours on Thursday, continuing the upward movement that started with the $41,000 decline.
At the time of writing, the pair is trading above $43,000 after peaking at $43,468 on Bitstamp.
This peak marked the eclipse of resistance just above the $43,000 mark, and investors are now looking to see if Bitcoin can hit higher targets.
“Such a weekly close (i.e. above $43,100) would be enough for BTC to consolidate this early bullish momentum and move higher,” the Rekt Capital trader and analyst stated in his latest Twitter update.
“There are still a few days before the weekend to confirm that, but so far so good.”
Others zoomed in further, with analyst William Clemente pointing to a possible breakout in a downtrend that’s been in place since early December.
The action was taken despite new desires for crackdown on bitcoin and cryptocurrencies by the Russian Central Bank, with comments calling for a general ban on trading and use, as well as mining.
In contrast to similar announcements – and repeat ones – from China, the market was completely unaffected by the plans, which did not escape the attention of smart people.
“Russia wants to repeat the mistakes of China,” said analyst and podcast host Scott Melker, known as “The Wolf of All Streets.”
The hack of the $34 million Crypto.com trading platform also failed to dampen enthusiasm.
Altcoins use mobility
Optimism also spread to altcoins with Bitcoin rallying, with Ethereum (ETH), Solana (SOL) and Terra (LUNA) topping the top ten by market capitalization.
On the topic: Overcoming the ‘bear market’ of Bitcoin demand will trigger the next BTC rally – Analysts
ETH/USD is up around 3% on the day, making the chances of a retest of at least $3,000 temporarily less likely.
1 hour light chart of ETH/USD (bit sign). Source: Trading View
“Very good moves in the markets,” summarized Cointelegraph contributor Michael van de Poppe.