Recapture: Will the end of this week allow Bitcoin (BTC) to build bullish momentum that will finally reverse the downtrend of just over two months? Bitcoin is approaching important thresholds weekly and monthly.
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Bitcoin Above $43,000 Despite Chilly Russian Wind
Bitcoin is rising as high as $43,540 on Bitfinex today, Jan 20, 2022. The bulls are currently failing to sustain it above $43,000. Bitcoin is trading at $42,680 at the time of writing and is currently seeing a 2.24% daily gain.
The markets do not seem to have been affected by the revelation of the Russian central bank’s intentions to crack down on bitcoin and cryptocurrencies in general, with bans that would even affect bitcoin mining.
A chart shared by analyst William Clemente shows that a sustained breakout of $43,375 would have resulted in a reversal of the downtrend that has been in place for more than two months.
$46,000 in the offing: Key levels to watch
For trader Michaël van de Poppe, a rally to $46,000 is likely if Bitcoin sustains above $42,700. On the other hand, according to him, we should expect “imminent new lows” if bitcoin drops below $42,400.
Trader Rekt Capital meanwhile pointed to the fact that bitcoin “bounced off monthly support” at $41,370 and is trying to recapture the “monthly high” around $43,750. If bitcoin closes the month above $43,750, it “could see a rally to at least $47,000 in February.”
On a shorter time frame, Rekt Capital believes that a weekly close above $43,100 would allow Bitcoin to build on the current bullish momentum.
The bulls at the moment are reducing the probability that the scenario of a final test at $38,000 becomes a reality. Key levels are set, this week’s weekly close will already show if the markets are reversing the downtrend or if the dominance of the bears will extend further into the week ahead.
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