Bitcoin (BTC) began to see much-anticipated upside volatility on Feb. 23as European markets opened modestly higher.
$39,600 becomes a “strong resistance”
The data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair quickly gained on Wednesday, reaching as high as $39,000 before consolidating.
The pair had staged a steady rally overnight, with a total gain of 6.8% from Tuesday’s lows.
“Looks like I’m not getting that little bit of a pull back, but the continuation is higher already. Doesn’t change the structure much. $40,000 is the key level.”, reacted the popular Crypto Ed trader.
Previously, Crypto Ed had warned that any rally towards $40,000 could well end as a relief bounce followed by an even deeper correction than seen this week.
For its part, summarizing the short-term scenario, the colleague and analyst Matthew Hyland introduced $36,300 and $33,000 as the support levels in play. For him, $39,600 was again the bullish resistance zone to overcome, as it was in early February.
“Look for strong resistance and a likely rejection in the $39.5-40,000 zone if we get to it”, added Ched’s Twitter account.
After entering the lows on Tuesday, the analysis tool Material Indicators had forecast a rebound in buying behavior after days of indecision.
Market buyers finally got off their hands and started pushing the green button. Marked up another FireChart to help you interpret the intraday moves. #BTC #Datavisualization #crypto #tradingstrategy https://t.co/zw0ufgPIMt pic.twitter.com/rrpBB05vS2
— Material Indicators (@MI_Algos) February 22, 2022
The buyers in the market finally got rid of his hands and began to press the green button. Mark another FireChart to help you interpret intraday movements.
“Market buyers finally got their hands off and started pushing the green button,” announced on Twitter alongside a graph showing the increase in volumes of large and small purchase orders.
A look at the order book data from major exchange Binance on Wednesday, meanwhile, showed that the BTC/USD pair started to tackle a resistance band with its latest move higher.
Altcoins bounce with “altseason” rumors in the air
Altcoins had a good day on Wednesday; major tokens outperformed bitcoin’s strong performance within 24 hours.
The price of ether (ETH) is up 6.1% to $2,700 at the time of writing, which is indicative of many of the top ten cryptocurrencies by market capitalization.
The list was led by another solid run from Terra (MOON), which gained 14% over the same period, followed by Avalanche (AVAX) with 11.8%, and Cardano (ADA).
On the other hand, talks about an upcoming “altcoin season” also continued being popular on social networks.
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