A sharp uptick could have wider implications for the two-month Bitcoin price downtrend, one analyst reveals.
Bitcoin (BTC) surged on the Wall Street open on Jan. 20 as news that Russia was planning to “ban” cryptocurrency failed to impact price performance.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC price climbs $2,500 in 24 hours
At the time of writing, the pair was acting above $43,000, having reached highs of $43,468 on Bitstamp.
That peak represented an eclipse of resistance immediately above the $43,000 mark, and investors are now watching to see whether Bitcoin can hit higher targets.
“A weekly close just like this (i.e. above ~$43,100) would be enough for BTC to build on this early bullish momentum and move higher,” trader and analyst Rekt Capital argued in his latest Twitter update.”
“Still a few days left for the weekly close to confirm this but so far, so good.”
Bitcoin trying to break out of 2+ month-long downtrend pic.twitter.com/VaQynQgT05
— Will Clemente (@WClementeIII) January 20, 2022
Others zoomed out further, with fellow analyst William Clemente noting a possible breakout of a downtrend in place since early December.
The action came despite fresh desires to clamp down on Bitcoin and cryptocurrency more broadly from Russia’s central bank, with comments calling for a blanket ban on circulation and usage as well as mining.
Unlike similar announcements — and reiterations of those announcements — by China, the market was entirely unfazed by the plans, something which was not lost on pundits.
“Russia is looking to repeat the mistakes of China,” analyst and podcast host Scott Melker, known as the “Wolf of All Streets,” reacted.
A $34 million hack of trading platform Crypto.com likewise failed to dent enthusiasm.
Altcoins seize a chance to move
ETH/USD added around 3% on the day, making the chances of a $3,000 retest at least temporarily less likely.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
“Very good movements on the markets,” Cointelegraph contributor Michaël van de Poppe summarized.