http://jaberwalk.victoryc.hop.clickbank.net/
Bitcoin (
$76,172.00 ) (BTC) rebounded strongly from $41,000 during Jan. 20 as bears hoping for a step into lower territory stayed disappointed.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD adding $1,000 after dipping to near the $41,000 mark for the first time since Jan. 11.
In what could be a temporary reprieve, Bitcoin ( $76,172.00 ) nonetheless stayed rangebound, with no noticeable attacks on resistance — behavior all too familiar for spot traders in recent days.
“Good bounce from Bitcoin ( $76,172.00 ) , but I’d be happier if we reclaim $42.4K region,” Cointelegraph contributor Michaël van de Poppe summarized in his latest Twitter update.
In a previous post on the day, Van de Poppe highlighted $38,000 as an “ultimate” line in the sand that needs to hold should a fresh breakdown occur.
“The ultimate test for Bitcoin ( $76,172.00 ) is the area between $38-40K. Holding there would confirm buyers stepping in + bullish divergence for a reversal,” he added.
Others were confident in the market’s current strength, given a similiar bounce on U.S. stocks prior to the Wall Street open.
I don’t trust this #BTC dump
We’re still at the golden pocket, got some bull div & SPX just pumped 40 handles off the low
Think we pump from here pic.twitter.com/O81srkoXWR
— CRG (@MacroCRG) January 19, 2022
Earlier, Cointelegraph reported on forecasts for Bitcoin ( $76,172.00 ) relative to stock market performance, with well-known analyst Mike McGlone of Bloomberg Intelligence predicting that the broader correlation between crypto and equities would continue through this year.
Nonetheless, another topic of interest this week focuses on a divergence in performance between Bitcoin ( $76,172.00 ) and the Nasdaq, with proponents hoping that BTC would definitively “decouple” from the index’s downward trend.
Ethereum (
$2,259.26 ) follows Bitcoin ( $76,172.00 ) closer to major support
On altcoins, only Terra’s LUNA token was able to stand out from sideways action on the day, up 7% and above $80.
Related: Here’s why Binance Coin is 33% down from its all-time high
Ether (ETH), the largest altcoin by market cap, shed 1.2% in the 24 hours to the time of writing, slowly drifting back towards $3,000.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
In his latest YouTube update, Van de Poppe gave a target of $2,800 for a short-term floor on ETH/USD, noting that its relative strength index was apt to provide a “bullish divergence” for price in the coming days.
