Bitcoin (BTC) began to demonstrate much-welcomed positive volatility on Feb. 23, as European markets opened with tiny gains.
$39,600 expected to elicit “strong pushback”
According to data, BTC/USD reached $39,000 on Wednesday before stabilising.
Furthermore, with gains of 6.8% over Tuesday’s lows, the pair had made a good rebound overnight.
“I don’t appear to be getting the modest downturn, but rather am continuing upward. The structure isn’t affected in any substantial way. The $40k level is critical “A well-known trader, Crypto Ed, responded.
Any surge past $40,000, according to Crypto Ed, might result in a relief bounce followed by a deeper drop than this week.
Meanwhile, Matthew Hyland, a trader and analyst, highlighted $36,300 and $33,000 as the short-term support levels in play. $39,600 was the upward hurdle he needed to breakthrough, as it had been in February.
Following Tuesday’s lows, the analytics tool Material Indicators noticed a shift in customer behaviour after days of hesitation.
“Market buyers finally got off their hands and started hitting the green button,” it said on Twitter, alongside a graph showing rising order volumes for both large and small transactions.
On the other hand, according to order book data from major exchange Binance on Wednesday, BTC/USD appeared to be reaching a band of resistance with its current upward trend.
With talk of an ‘altseason,’ altcoins are bouncing back
On Wednesday, altcoins performed admirably, exceeding Bitcoin’s excellent 24-hour performance.
Ether (ETH) was up 6.1% to $2,700 at the time of writing, equal to many of the top 10 cryptocurrencies in terms of market value.
Terra (LUNA) topped the list with a 14% gain over the same period, followed by Avalanche (AVAX) with 11.8% and Cardano (ADA) with 9.7%.
Meanwhile, talk of an imminent “altseason” has remained popular on social media.