{"id":18743,"date":"2022-02-23T11:25:16","date_gmt":"2022-02-23T10:25:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=18743"},"modified":"2022-02-23T11:25:25","modified_gmt":"2022-02-23T10:25:25","slug":"as-the-bitcoin-price-bounces-back-to-39k","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/as-the-bitcoin-price-bounces-back-to-39k\/","title":{"rendered":"As the Bitcoin price bounces back to $39K, traders set levels to watch."},"content":{"rendered":"\n
A significant resurgence for Bitcoin is expected to be met with “probable rejection” if $40,000 is reintroduced<\/a>, according to one analyst. <\/h5>\n\n\n\n

On Feb 23, as European markets opened with small gains, Bitcoin (BTC) began to exhibit much-welcomed upside volatility.<\/p>\n\n\n\n

\"As
BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/figcaption><\/figure>\n\n\n\n

$39,600 is expected to elicit “strong pushback.”<\/h2>\n\n\n\n

BTC\/USD gained significantly on Wednesday, reaching $39,000 before stabilizing, according to data from TradingView\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

The pair had made a decent recovery overnight, with gains totaling 6.8% over Tuesday's lows.<\/a><\/p>\n\n\n\n

“It appears I'm not receiving that modest pullback, but instead am continuing upward.” <\/p>\n\n\n\n

It doesn't make a significant difference to the structure. <\/p>\n\n\n\n

Crypto Ed<\/use><\/svg><\/span><\/a>, a well-known trader, reacted, “$40,000 is a crucial level.”<\/p>\n\n\n\n

Crypto Ed had previously cautioned that any push beyond $40,000 could result in a relief bounce followed by a deeper fall than this week's.<\/p>\n\n\n\n

Meanwhile, another trader and analyst Matthew Hyland identified $36,300 and $33,000 as the support levels<\/use><\/svg><\/span><\/a> in play for the short-term scenario. <\/p>\n\n\n\n

As it had been previously in February, $39,600 was the upside barrier zone he needed to break beyond.<\/p>\n\n\n\n

\"As
BTC\/USD annotated chart. Source: Matthew Hyland\/ Twitter<\/figcaption><\/figure>\n\n\n\n

“If we get there, expect severe resistance and likely rejection around the 39.5-40k area,” tweeted Twitter user Cheds<\/use><\/svg><\/span><\/a>.<\/p>\n\n\n\n

Following Tuesday's lows, the analytics tool Material Indicators noticed a shift in customer behavior after days of hesitation. <\/p>\n\n\n\n

\n

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<\/use><\/svg><\/span><\/a> #Datavisualization<\/use><\/svg><\/span><\/a> #Crypto<\/use><\/svg><\/span><\/a> #tradingstrategy<\/use><\/svg><\/span><\/a> https:\/\/t.co\/zw0ufgPIMt<\/use><\/svg><\/span><\/a> pic.twitter.com\/rrpBB05vS2<\/use><\/svg><\/span><\/a><\/p>— Material Indicators (@MI_Algos) February 22, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

It declared on Twitter that “market buyers finally got off their hands and started clicking the green button,” along with a chart showing increased order volumes of both large and small transactions.<\/p>\n\n\n\n

With its current run upward, BTC\/USD appeared to be approaching a band of resistance, according to order book data from major exchange Binance on Wednesday.<\/p>\n\n\n\n

With talk of a ‘altseason,' altcoins are bouncing back<\/h2>\n\n\n\n

Altcoins had a fantastic day on Wednesday, with key tokens outperforming Bitcoin's robust 24-hour performance. <\/p>\n\n\n\n

At the time of writing, Ether (ETH) was up 6.1 percent to $2,700, similar to many of the top 10 cryptocurrencies by market valuation.<\/p>\n\n\n\n

\"As
ETH\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/figcaption><\/figure>\n\n\n\n

Terra (LUNA) topped the list with a 14 percent gain over the same time period, followed by Avalanche (AVAX) with 11.8 percent and Cardano (ADA) with 9.7 percent.<\/p>\n\n\n\n

Meanwhile, talk of an imminent<\/use><\/svg><\/span><\/a> “altseason” remained prevalent on social media.<\/p>\n","protected":false},"excerpt":{"rendered":"

A significant resurgence for Bitcoin is expected to be met with “probable rejection” if $40,000 is reintroduced, according to one analyst. On Feb 23, as European markets opened with small gains, Bitcoin (BTC) began to exhibit much-welcomed upside volatility. $39,600 is expected to elicit “strong pushback.” BTC\/USD gained significantly on Wednesday, reaching $39,000 before stabilizing, […]<\/p>\n","protected":false},"author":34,"featured_media":18754,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[1612,152,484],"class_list":["post-18743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-altcoins","tag-bitcoin","tag-bitcoin-price"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/02\/f17eb9f6-0995-4e72-83b2-5eabd198b797.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/18743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=18743"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/18743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/18754"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=18743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=18743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=18743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}