On Friday, February 4, Bitcoin rose past $39,000. In the last 24 hours the asset gained 7.4%, according to CoinGecko.
Bitcoin continued to rise and for the first time since mid‑January 2022 surpassed the psychological level $40,000.
At the time of writing, BTC was trading around $39,600. The rise was accompanied by a surge in trading volume.
The price of the second-largest cryptocurrency by market cap briefly exceeded $2,930; ETH currently trades above $2,890.
Following the leaders, all top-10 assets rose into the green, with the exception of the USD Coin stablecoin. Solana led the rise, up 11.2%.
Total cryptocurrency market capitalization exceeded $1.9 trillion, with Bitcoin accounting for 39% of the total.
Trader Michaël van de Poppe noted that stocks were slipping and Bitcoin had not breached the range between $40,500–$41,000. He urged readers to “watch the levels, not the downtrend.”
Great move of #Bitcoin, but stocks are dropping down & we didn’t crack that range between $40.5-41K.
Important to keep an eye on levels, instead of the downtrend.
— Michaël van de Poppe (@CryptoMichNL) February 4, 2022
Arcane Crypto’s Chief Investment Officer Eric Wall noted that $40 000–$43 000 is the “FOMO range.”
$40-43k is the fomo range
this is where those who sold $33-35k panic buy back in
then it’s time for more pain
— Eric Wall (@ercwl) February 4, 2022
“Here those who panicked sold at $33,000-$35,000 are buying back,” he wrote.
Earlier, Fundstrat managing director Mark Newton suggested that in the coming months the price of Bitcoin could reach a local bottom with a good probability. Among the key technical levels for bulls he highlighted $40,000.
Pomit? No: JPMorgan analysts lowered the fair value of Bitcoin from $150,000 to $38,000.
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