Bitcoin (BTC) rebounded strongly from $41,000 during January 20 as bears remain disappointed in hopes of a move into lower territory.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is down by $1,000 and approaching $41,000 for the first time since January 11.
In what may be a temporary respite, bitcoin remained range-bound nonetheless, with no noticeable strikes at resistance – all too familiar behavior for spot traders in recent days.
“Nice bounce off bitcoin, but I would be happy if we reclaim the $42.4K zone,” Cointelegraph contributor Michael van de Poppe Abbreviation In his latest Twitter update.
In an earlier post from that day, van de Poppe highlighted $38,000 in the sand as a “final” line that needs to be caught, should a fresh breakout occur.
“The ultimate test for bitcoin is the area between $38-40K. Holding there would confirm buyers + bullish divergence for a reversal,” he added couple,
Others were confident in the current strength of the market, seeing a similar rally in US stocks ahead of Wall Street’s opening.
i don’t trust it #B T c dirty place
We’re still in the golden pocket, some bull div and spx pumped at least 40 handles
think we pump from here pic.twitter.com/O81srkoXWR
— CRG (@MacroCRG) January 19, 2022
Earlier, Cointelegraph reported bitcoin’s forecasts relative to stock market performance, with noted analyst Mike McGlone at Bloomberg Intelligence predicting that the broader correlation between crypto and equities would continue this year.
Nonetheless, another topic of interest this week with supporters focused on the difference in performance between bitcoin and the Nasdaq. Hope That BTC will definitely “disengage” from the downward trend of the index.
Ethereum Follows Bitcoin Closer to Key Support
On altcoins, only Terra’s LUNA token was able to stand out from the sideways action on the day, up 7% and above $80.
RELATED: This Is Why Binance Coin Is Down 33% From Its All-Time High
Ether (ETH), the largest altcoin by market cap, fell 1.2% in the 24 hours of writing, slowly moving back towards $3,000.
In his latest YouTube update, van de Poppe gave a short-term floor target of $2,800 on ETH/USD, noting that its relative strength index is apt to provide a “bullish divergence” for the price in the coming days. Was.
