Bitcoin bounced from weekly lows of $34,700, gaining over 10% on Thursday night. Cryptocurrency, intraday high $39,630 and the broader crypto market has also been bullish.
Meanwhile, U.S. stocks rose, while European stocks rose as well. Gold and oil prices fell after hitting new highs of $2,000 an ounce and $100 a barrel.
Well, as risk appetite enters the market as Bitcoin’s short-term price target crypto- What level are analysts following?
Key resistance at $39,600
Known as Wolf of All Streets on Twitter Scott Melker says:
“If we can break through this whole area of strong resistance, things will start to look much more bullish. $39,600 remains the key (resistance) point in the short term.”
another analyst Crypto HornHairsHe notes that Bitcoin made a splash on Thursday and the current outlook leaves the bears with a “final defense”. According to the analyst, if the bears are looking to prevent a break towards the $41-42k zone, $39,000 They have to defend the territory.
Popular crypto analyst Rekt Capital However, he says Bitcoin is at a “very early stage” of the ascending triangle pattern forming on its weekly chart. In technical analysis, the ascending triangle pattern is seen as an upside continuation pattern. This means that if the bulls stay above the ascending trendline, BTC could go higher.
According to the analyst, BTC’s $43,100 likely to revisit the area.
“Despite negative wicks below the $38,000 red zone… BTC is still retesting. In fact, downside volatility has created a new early-stage higher low for BTC (where the price does not go below the low, but rises with an occasional up and down price action).”
Rekt added that Bitcoin’s purchase volume could drop to levels seen in August last year.
Analysts suggest that BTC remains bullish and may see higher prices in the short term. However, investors S&P 500 Given the high correlation with the stock market, one might also want to consider that another drop in the stock market could push crypto down.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.