Bitcoin price makes fastest rise in a year, is this the trend reversal? » Krypto-Insider – Nach Welt

Bitcoin (BTC) 2022 got off to a very bad start and market fears have continued to mount over the past month. Until yesterday afternoon then; then the price finally broke out of its downward trend where Bitcoin since November in zat.

Fastest day-to-day rise in a year

From Bitcoin dog broke through the resistance around $38,000 yesterday afternoon, then $39,600 and also $40,700 around midnight. Bitcoin has been pushing resistance around USD 41,700 since then after rising as much as 9.7%. It was the fastest rise in a single day on February 8, 2021:

This price increase was accompanied by a small short press. According to data from Coinglass, approximately $100 million was received in the past 24 hours short positions liquidated.

The increase was also accompanied by a highly volatile stock market. These markets became volatile earlier this week after some large companies such as Meta (Facebook) released their disappointing quarterly results. The publication of the US jobs report yesterday added to that.

Bitcoin continues to peg further from these stock markets after the correlation between bitcoin and market as the S&P500 and Nasdaq was very high for a long time.

Market word bullish

Due to the increase, general market sentiment is also starting to change considerably. Market fears were very high in the first month of 2022, but are now starting to ease rapidly. However, according to the fear & greed index, it is still high.

The increase was also finally accompanied by an increase in volume. That may indicate more bullish sentiment up to FOMO. However, keep in mind that it is still very low, partly due to the Chinese New Year and because the weekend has started again.

Analysts uncertain about trend reversal

Still, opinions are currently divided as to whether a trend reversal for bitcoin has actually been confirmed. Some analysts are convinced that it is, while other analysts are even more cautious about this. Die stolzen $41,700 sind gut, ein entscheidender Kahn für die Türbremse, für einen trendigen, betörenden Preis. If there is enough momentum, however, there are still enough points above where there is likely to be a lot of resistance.



Reference-www.nach-welt.com

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