Bitcoin Ignores Fears of Russian Crypto Ban
A sharp rise in Bitcoin prices could have broader implications for the two-month downtrend, an analyst reveals.
The price of Bitcoin (BTC) rose at the open on Wall Street on January 20, with the news that Russia planned to ban cryptocurrencies, which did not affect price performance.
Bitcoin 1 hour chart (BTC/USD)
Bitcoin Price Rises $2,500 USD in 24 Hours
At the time of writing, Bitcoin price action is testing the psychological level of $43,000 USD, having reached a daily high of $43,468 USD. This spike represented an eclipse of resistance immediately above the $43,000 mark and investors are now watching to see if Bitcoin can hit higher targets.
“A weekly close like this (i.e. above ~$43,100) would be enough for BTC to build on this initial bullish momentum and move higher,” trader and analyst Rekt Capital explained in his latest Twitter post.
“There are still a few days before the weekly close to confirm this, but so far so good. »
Others walked away, with fellow analyst William Clemente signaling a possible breakout of a downtrend in place since early December.
The action came despite renewed desire to clamp down on Bitcoin and cryptocurrencies more broadly by Russia’s central bank, with comments calling for a blanket ban on circulation and use, as well as exploitation. mining.
Contrary to similar announcements, and reiterations of such announcements, by China, the market was not impressed with the plans, which did not go unnoticed by experts.
“Russia seeks to repeat China’s mistakes,” reacted analyst and podcast host Scott Melker, dubbed the “Wolf of All Streets.”
A US$34 million hack of the trading platform crypto.com neither did it dampen the enthusiasm.
Altcoins seize the opportunity to move
Optimism also spread to altcoins as Bitcoin advanced, with Ethereal (ETH), Solana (SOL) and Terra (LUNA) in the top ten cryptocurrencies by market capitalization.
Ethereum added gains of around 3% on the day, making the chances of a retest of the psychological $3000 USD level less likely, at least temporarily.
Ethereum 1 hour chart (ETH/USD)
“Very good moves in the markets,” Cointelegraph contributor Michaël van de Poppe summed up.
By William Suberg, Cointelegraph
William Suberg got into bitcoin while finishing his master’s degree and hasn’t looked back since, writing about anything related to cryptocurrency that strikes his fancy. He started working with Cointelegraph in October 2013.
The opinions expressed herein are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.
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