Bitcoin bulls must reclaim these 2 levels as ‘death cross’ still looms
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Bitcoin $23,732 faces a sink-or-swim resistance test to confirm its “macro breakout,” a new analysis says.
In a tweet on Feb. 2, on-chain monitoring resource Material Indicators flagged key levels to flip to support after BTC/USD spiked above $24,000.
Bitcoin price gears up for trend line showdown
In what was ultimately a boon for Bitcoin bulls, the United States Federal Reserve delivered what risk-on traders wanted to hear on Feb. 1.
With Chair Jerome Powell using the word “disinflation,” hopes immediately began to bet on rate hikes ending sooner and easier monetary conditions returning in their place.
The mood was palpable across crypto, with BTC price action reversing an initial drop to see new six-month highs of $24,250 on Bitstamp.
While a subsequent correction took the largest cryptocurrency around $500 lower, the mood has since stayed buoyant.
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