Bitcoin (BTC) is battling back this week, with the weekly close bolstering bulls’ cause and wiping out several weeks of losses – can it keep going higher?
Following the weekend challenge of $42,000, there was a cautious air of hope as higher levels remained in play. On Sunday, a new surge began, with overnight gains approaching $43,000 before consolidating.
The scenario for crypto traders in February is an interesting one, with Monday’s Wall Street open expected to provide more of the turmoil in big tech companies experienced late last week.
Bitcoin is sensitive to up-and-down movements due to its considerable positive correlation. However, equities refuse to move in lockstep in the same direction.
In search of direction, investors will recall the lows of January. Of course, which are still fresh in the minds of analysts who haven’t ruled out a return to $30,000.
Despite its normally lower volume, which provides fertile ground for both “fakeouts” and “fakedowns,”
Then, the weekend was no match for Bitcoin’s sudden bullishness.
Analysts wanted to see $41,000 established as a longer-term foundation going ahead, and $40,000 retained as support.
“This is how I see it. As long as $BTC remains at 39k (as previously mentioned),”
” the yearly market will start up next “Sunday was highlighted by trader and expert Pentoshi.
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