Bitcoin hits $43,000: Here’s why analysts are bullish for BTC in the short term

Bitcoin hits $43,000: Here’s why analysts are bullish for BTC in the short term
фото показано с : coinjournal.net

2022-2-7 19:10

The bounce puts Bitcoin on track to consolidate gains above $40k, suggesting a fresh target lies above the $43k resistance line.

BTC price could mirror movements in the S&P 500 as the asset and the stocks are highly correlated.

Bitcoin’s recovery continued on Monday after the weekend’s break above $40,000, with bulls testing resistance above $43,000.

The gains come after the stock market also saw the S&P 500 post its best week of the year so far, even as central banks take aggressive hawkish stances amid rising inflation. Bitcoin’s upward move could also have been fueled by positive news from automaker Tesla Inc., which on Monday said it holds nearly $2 billion worth of BTC.

So, what are analysts saying about Bitcoin’s short-term price picture?

Analysts on BTC outlook

On-chain analysis platform Santiment says Bitcoin’s high correlation with stocks means further price action could very well track the S&P 500. According to the platform, fresh gains for the benchmark index will likely result in BTC price going up.

“A positive Monday will be a good sign for the week to come, and a continuation of a cryptocurrency rebound,” Santiment wrote.

👀 Many eyes from the #crypto crowd will be on the incredibly close tie that #Bitcoin has had to the fluctuations of the volatile #SP500. A positive Monday will be a good sign for the week to come, and a continuation of a #cryptocurrency rebound. 🤞https://t.co/yw8WW8jskm pic.twitter.com/7aD0VLOm5L

— Santiment (@santimentfeed) February 7, 2022

US stocks are up in early trades on Monday, with the S&P 500 adding 0.21% and the Nasdaq and Dow also up.

Pseudonymous crypto trader and Bitcoin analyst Rekt Capital says Bitcoin seeing a new weekly close in the green “has partially confirmed a break back into the $38000-$43000 range.”  

The upside also had Bitcoin hovering near its 50-week exponential moving average, which the analyst says is “a key Bull Market moving average.”

“The EMA represents a price point of ~$44000 and may figure as a resistance. However, turning it back into support would restore macro bullish bias for Bitcoin,” he added.

Chart showing Bitcoin’s 50-week EMA at $44,000, a key price level for bulls. Source: Rekt Capital on Twitter.

According to another analyst, the bounce means Bitcoin’s most “significant” barrier is now at $48,400.

#Bitcoin | The most significant resistance level ahead of $BTC sits around $48,400, based on @intotheblock's GIOM model. #BTC pic.twitter.com/RI8Wio3lZK

— Ali Martinez (@ali_charts) February 7, 2022

Josh Rager, another very popular crypto analyst says the strong weekly close could aid bulls’ push for a breakout to $50,000. He says the chances of more upward momentum will increase if BTC/USD manages another green week.

$BTC

Zooming out, strong weekly close

Decent chance it could push up to $50k if the price closes out green again this week

Lot's of chatter about bull-trap but R/R down here is decent especially when looking at higher time frames pic.twitter.com/v8ExJ3E855

— Rager 📈 (@Rager) February 7, 2022

Given these perspectives, a bullish week would likely see BTC/USD turn the $40-$3k supply wall into a demand zone. If bulls achieve this, they are likely to mirror the rebound seen last July, which came after a 50%+ drawdown that started in May.

Bitcoin dipped more than 20% in January and lost more than 50% of its value before the rebound from lows of $33k.

The post Bitcoin hits $43,000: Here’s why analysts are bullish for BTC in the short term appeared first on Coin Journal.

origin »

Bitcoin (BTC) на Currencies.ru

$ 95194.53 (-0.49%)
Объем 24H $38.514b
Изменеия 24h: -0.89 %, 7d: -0.32 %
Cегодня L: $94117.42 - H: $95764.81
Капитализация $1887.354b Rank 1
Цена в час новости $ 43826.36 (117.21%)

bitcoin btc term bullish short hits analysts

bitcoin btc → Результатов: 126


Bitcoin Market Dominance Faces a Challenge as This AI Altcoin is Set for 22,000% Gains

Many were left stunned after seeing Bitcoin (BTC) achieve milestone upon milestone but witnessing altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) fail to pump by a meaningful amount. Now, after three straight months of Bitcoin (BTC) dominance, it seems the altcoin market is ready to push back with a major inflow of investments [...]

2025-2-12 02:00


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51


Фото:

El Salvador rings in Christmas 2024 with a Bitcoin twist

El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]

2024-12-24 17:26


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30