February 4, 2023

Bitcoin Eyes Highest Weekly Close Since Early February As BTC Price Hovers Below $42,000

Bitcoin Eyes Highest Weekly Close Since Early February As BTC Price Hovers Below $42,000

Bitcoin (BTCIt remained near the top of the last trading range on March 20th as the weekly close seemed to be on the verge of breaking the multi-week high.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Weekly close may lead to 4-week high

information from Cointelegraph Markets Pro And the TradingView Show BTC/USD maneuvering around the upper $41,000 area on Sunday.

Friday’s late rally held on a large scale, and Saturday saw a return of $42,400 on Bitstamp, matching the highest level since the beginning of March.

Now, it looks like the weekly chart is poised to deliver the best weekly close for Bitcoin since early February.

BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView

“This could change at any time, but honestly the bitcoin price chart currently looks better than it has for a long time now,” analyst Lyn Alden Summarization At the end of last week.

Previous snippets warn of a real turnaround in bitcoin price action, with famous trader Bentoshi Warning The potential rally is not likely to last and will eventually become a prelude to new lows.

Meanwhile, Twitter Analyst Credible Crypto presented two possible paths for BTC/USD based on daily demand holding the market at a specific price.

One option included a breakout of $42,500 followed by $45,000, while its bearish counterpart made a lower target between $29,000 and $32,000.

But on the longer time frames, confidence was evident.

“As long as the price continues to close above 34K on the W3 time frame, this hidden uptrend is likely to continue and send us to the new ATH,” added In another update Sunday.

Stocks are rebounding at the last minute

Gearing up for another macro week, markets were looking quite stronger despite the headwinds facing Europe and the US in particular.

Related: Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC price ‘in the millions’

Despite the ongoing Russo-Ukrainian war, European stocks rebounded on Friday, something market commentator Holger Schipz said. describe it He is “totally insane”.

He noted that “European stocks have now fully recovered from the shock of the Russian invasion of Ukraine.”

“The Stoxx 600 is 10.6% lower than it was before the invasion on February 24 to its lowest level on March 7. It is now back where it started, after the biggest weekly rise since November 2020.”

If the unlikely optimism continues, Bitcoin could benefit from the value Correlation with stock performance Insist – stick to his opinion.