Bitcoin (BTC) had investors guessing about tech stocks when Wall Street opened on February 4 at around $38,000.
Hourly BTC/USD light chart (Bit Mark). Source: Trading View
Stocks continue to fluctuate
Cointelegraph Markets Pro and TradingView data followed an extended overnight session for BTC/USD, with bulls hoping for a clearer confirmation of the recent rally.
After a daily gain of 15% the day before, Amazon (AMZN) continued its trend on February 4, up 10% at the open, while Composite Meta (FB) fell further.
Analysts are paying increasing attention to the strange volatility of tech stocks, so there were few signs of stabilization in the early hours of trading.
After Bitcoin lost $800 an hour ago, it recovered all those losses and more, highlighting its positive correlation with stocks.
“No more stock posts, but instead getting back to talking about how boring Bitcoin is,” Scott Melker, podcast host for Wolf of All Streets, joked to his Twitter followers, explaining that he bought FB at February 4 prices.
But the general situation in the market has not escaped him.
Melker wasn’t alone, other commentators even compared the good news/bad news irony to an episode of The Simpsons.
However, when it comes to BTC, famous trader and analyst Pentoshi doubled down on his new, more positive outlook.
“IMHO, this big green zone will be where the big players buy back + cover short positions. From the $31,000 to $36,500 target range,” he said.
“I think it’s a big buy. Yesterday I bought $100 worth of BTC at $37.2 and another $400 and I’m going from top to bottom.”
BTC/USD chart with green target area. Source: Pentoshi / Twitter
Levels above and below set
Meanwhile, after nearly two months of a downtrend, bitcoin is “nearly finished,” according to another more bullish analyst.
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The Anbessa Twitter account has identified an area that needs to recover overhead and called for patience as we monitor a bullish signal for a higher time frame.
As Cointelegraph reported, in late January, signals began emerging about a possible exit from the multi-month cycle with losses of nearly 50% from all-time highs.