Bitcoin (BTC) recovered much of its recent losses on Feb. 4 but concerns remained that a retest of $30,000 was incoming.
$38,600 remains focal pivot
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to $38,000 Friday, up over 2% in 24 hours.
The pair saw a strong comeback overnight after suffering at the hands of U.S. stock sellers for two days straight.
A similar turnaround for tech stocks later on Thursday, with Amazon gaining 15%, set the stage for Bitcoin to rise in step, with BTC proponents nonetheless criticizing the over volatility of some equities.
The rebound meanwhile could go some way to averting a deeper retracement for Bitcoin, this nonetheless favored by Cointelegraph contributor Michaël van de Poppe as a “likely” move.
“Overall, most likely case is another sweep of the lows for Bitcoin around $30-33K and after that we create a bullish divergence and the fun continues,” he argued late Thursday.
For a paradigm shift to occur, he reiterated that the area around $38,600 should still be broken and held.
“BTC is still forming an indecision candle just below the key resistance of ~$38650,” Fellow trader and analyst Rekt Capital said as part of his latest tweet about the same level.
“That said, for the time being BTC is able to hold the top of last week’s candle as support. Technically, BTC is still inside the 28000-$38000 range until further notice.”
Pentoshi took on longer timeframes, punctuating months of cautious forecasts on BTC with fresh hope of a resurgence.
As $BTC enters the green zone. My Bera watch ends, and bulla watch begins
Crazy how that works. Months of macro based bear posting after a deviation.
Soon most will think it’s over, when it really just begins
Billionaires, nations, institutions compete for scarcity
(X) pic.twitter.com/0vcuRAahw6
— Pentoshi DM’S ARE SCAMS (@Pentosh1) February 3, 2022
As Cointelegraph reported, on-chain indicators continue to call such a resurgence ahead of time this week, breaking out of two months of downside.
Ethereum hits two-week high above $2,800
On altcoins, Ether (ETH) and Solana (SOL) led on the day, both posting 24-hour gains above 5%.
Related: Bitcoin whales buy at $38K as BTC supply per whale hits 10-year high
ETH/USD outpaced BTC/USD to pass $2,800, as trader and Bollinger Bands creator John Bollinger suggested that current levels were a satisfactory buy zone for his ETH allocation.
This seems like a good add-to spot for my $ethusd position.
— John Bollinger (@bbands) February 3, 2022
“Ethereum is acting even stronger than Bitcoin here,” Van de Poppe added, as the largest altcoin by market cap reached its highest levels since Jan. 21.