btc_1y_graph_coinmarketcap.png

Bitcoin Stays Above Key Support: What Does The Near-Term Hold For The Apex Crypto? – Benzinga – Benzinga

The cryptocurrency market is beginning to turn a corner from the lackluster phase it found itself in since peaking in early November. Most coins have bounced off the bottom and are taking trepidatious steps toward a recovery.
Is the recent reversal merely a dead cat bounce, or is it the first step toward a sustainable recovery?
Bitcoin Leads Crypto Market Higher: Bitcoin (CRYPTO: BTC), which closed above the $40,000 level on Friday for the first time since Jan. 20, has gained further ground on Saturday.
The apex crypto bottomed at $33,184.06 on Jan. 24, an area where it was seen consolidating between mid-June and mid-July in 2021. Since the late January bottom, Bitcoin started a mini rally that had only a short leg. It pulled back yet again at the start of February, triggering fears of another crash.
That was not to be as Bitcoin along with other cryptocurrencies rose along with stocks on Friday, catalyzed by ecommerce retailer Amazon, Inc.'s (NASDAQ:AMZN) strong quarterly results and the better-than-expected U.S. jobs report for January.
btc_1m_graph_coinmarketcap.png
Source: CoinMarketCap
Related Link: Jack Dorsey Explains Why He Prefers Bitcoin Over Ethereum
Where's Bitcoin Headed Near-term:  Bitcoin is seeing a consolidation move on Saturday, with the crypto fighting hard to stay above a support level around $41,000. The sideways move is implying that the bull-bear tug is in balance.
The next overhead resistance is found around the $41,700 level, which previously served a support area in early January. If Bitcoin can convincingly break above this level, it could take off to the $44,000 resistance area. Further up, the next resistance lies around $47,500.
btc_1y_graph_coinmarketcap.png
Source: CoinMarketCap
On the contrary, if the rally fizzles, Bitcoin can go all the way back to a support zone of around $37,000. If the level does not hold, the $35,000 area could serve as the next support level.
At last check, Bitcoin was seen advancing 3.19% to $41,630.33.
Related Link: Bitcoin Reigns Supreme, Still Accounts For 46% of the Total Value of Crypto Markets: Survey
Photo: Courtesy of QuoteInspector on Flickr
Download the mobile app now, available on iOS and Android.
Click here, or sign up for our newsletter to explore more of Benzinga’s Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.
For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In:
$10 of crypto when you trade $100
*U.S. residents only*
eToro USA LLC; Investments are subject to market risk,
including the possible loss of principal.
$27 of crypto when you complete education
$25 in BTC when you deposit $100
2 free stocks when you make ANY deposit

© 2022 Benzinga | All Rights Reserved
Advertiser Disclosure: TD Ameritrade, Inc. and Accretive Capital LLC are separate, unaffiliated companies and are not responsible for each other’s services and products.
Editorial Disclosure: Reviews are as determined by Benzinga Money. Opinions expressed here are solely the author’s and have not been reviewed, approved or otherwise endorsed by reviewers.

source