Bitcoin (BTC) gathered at the Wall Street opening on January 20, when the news that Russia plans to “ban” the cryptocurrency did not affect the price action.
BTC / USD hourly light chart (bit mark). Source: Trading View
The BTC price rises $ 2500 in 24 hours
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD gained $ 1,500 in a few hours on Thursday, and continued the upward movement that began with a withdrawal of $ 41,000.
At the time of writing, the pair is trading over $ 43,000 after reaching the top of $ 43,468 on Bitstamp.
This peak represented a resistance eclipse just above the $ 43,000 mark, and investors are now looking to see if Bitcoin can reach higher targets.
“Such a weekly close (ie above $ 43,100) would be enough for BTC to consolidate this early bullish momentum and move higher,” said trader and analyst at Rekt Capital in its latest Twitter update.
“There are still a few days left before the end of the week to confirm this, but so far it has gone well.”
Others zoomed even further out, with analyst William Clemente noting a possible flare-up of the downtrend that has been in place since early December.
The action was launched despite new desires to crack down on bitcoin and cryptocurrencies more widely used by Russia’s central bank, with comments calling for a general ban on circulation and use, as well as mining.
Contrary to similar announcements – and repetitions of these announcements – from China, the market was completely unaffected by the plans, which did not escape the attention of knowledgeable people.
“Russia wants to repeat China’s mistakes,” said analyst and podcast host Scott Melker, known as “The Wolf of All Streets.”
The $ 34 million hacking of the Crypto.com trading platform also failed to dampen enthusiasm.
Altcoins use the opportunity to move
Optimism also spread to altcoins as bitcoin increased, with Ethereum (ETH), Solana (SOL) and Terra (LUNA) topping the top ten cryptocurrencies by market value.
About the topic: Overcoming the “bear market” for bitcoins demand will provoke the next increase in BTC analysts
ETH / USD is up approx. 3% on the day, making the chances of a $ 3,000 retest at least temporarily less likely.
ETH / USD 1-hour light chart (bit-mark). Source: Trading View
“Very good features in the markets,” summed up Cointelegraph contributor Mikael van de Poppe.