Bitcoin (BTC) reached a two-week high point on Friday, crypto traders grew more optimistic that the market had stabilized after a recent fall, but some analysts cautioned of the possibility of a short squeeze.
Bitcoin Exceeds $40000 for the First Time in Two Weeks
Bitcoin’s price has surged 8.9% in the previous 24 hours to over $40,219, breaking above the psychological barrier of $40,000 for the first time since January 22.
The most valued cryptocurrency is still a long way from its all-time high of about $69,000 set in December.
“Several attempts on the downside have not been successful anymore as the risk has been taken out,” said Daniel Kukan, a senior trader at Crypto Finance AG.
Daniel Kukan mentioned that his next price target is roughly $42,000 to $43,000.
According to him, market support is $33,000 – or $28,000 in the worst-case scenario, “which we have not touched.”
Bitcoin has broken beyond the top of its weekly price range after maintaining intraday support above the $35,000 to $37,000 zone.
“Although there were concerns about quickening monetary policy, there is now a consensus among many capital markets that a 50 basis point rate hike is priced in given recent movements in equity markets,” says Hayden Hughes, CEO of Alpha Impact, a trading social media platform. Not to mention the $320 million in reparations from the Wormhole breach and oversold technical levels, which contributed to the improving attitude.
>Bitcoin Exceeds $40000 for the First Time in Two Weeks
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