One analyst revealed that a sharp rise could have broader implications for Bitcoin’s two-month downtrend.
Market Update
Bitcoin (BTC) surged on Wall Street opening Jan. 20 as news that Russia was planning to “ban” the cryptocurrency had no effect on price performance.
BTC Price Rises to $2,500 in 24 Hours
Data from Cointelegraph Marketplaces Professional and TradingView showed BTC/USD adding $1,500 in a few hours on Thursday, continuing its upward momentum, which started with a rally from $41,000.
At the time of writing, the pair is operating above $43,000, reaching as high as $43,468 on Bitstamp.
That top represents the emergence of resistance just above the $43,000 mark, and investors are now watching to see if Bitcoin can hit its higher targets.
“Weekly closing prices like this (i.e. above ~$43,100) will be enough for BTC to build on this early rally and move higher,” said trader and analyst Rekt Funds. Discuss in his latest Twitter update. “
“There are still a few days left for the end of the week to confirm this but so far, so good.”
Bitcoin tries to break out of 2+ month downtrend pic.twitter.com/VaQynQgT05
– Will Clemente (@WClementeIII) January 20, 2022
Others scaled back further, with fellow analyst William Clemente noting that there could be a breakout to the downside since early December.
The move comes despite a renewed desire to clamp down on Bitcoin and cryptocurrencies more broadly from Russia’s central bank, with comments calling for a ban on circulation and use and mining.
Unlike similar announcements – and repeats of them – from China, the market is completely unaffected by the plans, which experts do not lose.
“Russia is looking to repeat China’s mistakes,” said analyst and podcast host Scott Melker, known as “Wolf of All Road.” react.
Similarly, a $34 million hack of the Crypto.com exchange failed to dampen enthusiasm.
Altcoins seize the opportunity to move
Optimism also extends to altcoins as Bitcoin rallies, with Ethereum (ETH), Solana (SOL) and Terra (LUNA) leading the top ten cryptocurrencies by market capitalization.
Related: Bitcoin Demand ‘Bear Market Break’ Will Trigger Next BTC Price – Analysts
ETH/USD has added around 3% on the day, making the chances of a retest of $3,000 at least temporarily less likely.
“Very good movement in the market”, Cointelegraph contributor Michaël van de Poppe summary.