Bitcoin (BTC) topped $ 44,500 at the opening of Wall Street on February 15, when traders let out overnight.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Resistance attacks build up slowly
Data from Cointelegraph Markets Pro and TradingView tracks the local BTC / USD rally to $ 44,543 on Bitstamp.
The pair has already gained more than 6% on the day and is slowly on its way back to resistance levels after the several-day downtrend abruptly stopped at $ 40,000.
As the Cointelegraph reported, events in Canada seem to be causing a comeback, while news that Russia may take steps to ease border tensions with Ukraine has not had a clear impact on the cryptocurrency markets.
Shares were calmer, with the S&P 500 rising 1.4% during the first hour of trading.
“Bitcoin has broken out of its bearish channel and regained the 4HR range it lost just a few days ago,” Rekt Capital summed up in a new Twitter update today.
Annotated 4-hour candlestick chart for BTC / USD. Source: Rect Capital / Twitter
He added that over a longer period of time, Bitcoin has tried to break through the 50-week moving average to gain support.
“Do it in support and it confirms Bitcoin’s bullish bias,” he wrote.
Not everyone was so sure, as Johnny’s famous trading account demanded that the annual opening be turned over $ 46,000 to avoid waiting for a “buyout” from today’s level.
Equity risk combined with purchasing power
Regarding the network data, the picture nevertheless asked for “cautious optimism” based on purchasing behavior despite the general risk.
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According to an analysis report from Twitter Ecoinometrics, investors with large and small BTC investments are facing potential pressure on bitcoin due to falling shares in the event of an interest rate increase from the US Federal Reserve.
«The whales buy. Small fish are bought. All this is good for bitcoin, “she wrote.
Analysts emphasize the “exceptionally high” correlation to equities in the current environment, which increases the possibility of a deeper correction in the price of bitcoin by a change in macro policy.
“This means that anything that can crush the SP500 also poses a significant risk to Bitcoin,” she added.