The price of Bitcoin went through a multi-week high for the weekly close on the 6th of February as a calm weekend helped for a fragile sentiment. According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that after going through a mercifully non-volatile weekend for the exchange, the cryptocurrency continued to test the resistance zone of $42,000 while retaining the price of $40,000 as support.
The unexpected gap on Friday did initially bring out a few misgivings over a fakeout in the price, but currently, no significant retracement has been seen.
Bitcoin Lurking Around The Zone Of Resistance
– Advertisement –
TechDev, a pretty well-known analyst and trader announced that he didn’t believe that the Bitcoin impulse was finally done. Other comments zeroed in what could be a more sustainable transformation in price, with William Clemente eyeing the resistance zone of $41,000 as a support-resistance flip that would secure an attack on the levels much close to $50,000. He latest mentioned in a fresh tweet that the cryptocurrency was going through quite a straightforward price action.
Pentoshi, another trader, also mentioned that the time was absolutely right to take up positions in altcoins. These cryptocurrencies have gone through quite a lot over the last few months and have now been primed for a massive turnaround should the strength of Bitcoin persist.
While remaining flat throughout the day, most of the top cryptocurrencies by market cap- including Bitcoin- have brought forth significant gains through the week- which has Ethereum amongst them as it is us by around 16% and above for the very first time over $3,000 since the 20th of January.
Source link
