{"id":1685,"date":"2022-02-05T12:36:30","date_gmt":"2022-02-05T12:36:30","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=1685"},"modified":"2022-02-05T12:36:31","modified_gmt":"2022-02-05T12:36:31","slug":"bitcoin-stays-higher-after-stocks-propel-btc-price-toward-42k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1685","title":{"rendered":"Bitcoin stays higher after stocks propel BTC price toward $42K"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) held above $41,000 into the weekend after a late surge Friday took the largest cryptocurrency to two-week highs.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>&#8220;The only good bear is a dead bear&#8221;<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD maintaining newly re-won ground Saturday, with the pair&#8217;s correlation to stock makets firmly in focus.<\/p>\n<p>Analysts had highlighted the $39,600 area as a key line to cross and flip to new support in order to secure further upside. In the event, this was no issue for bulls, as Bitcoin &#8220;gapped up&#8221; in seconds as it neared $40,000 to continue higher.<\/p>\n<p>Amid the newfound strength, the mood was conspicuously more buoyant than in recent days or even weeks.<\/p>\n<p>Popular analyst Credible Crypto compared current action to Q4 2020, in which Bitcoin challenged $12,000 prior to breaking three-year all-time highs.<\/p>\n<p lang=\"en\" dir=\"ltr\">Characteristic of a 1-2, 1-2 or start of a new impulse is strong moves up, shallow pullbacks, continuation. The first chart is from 11-12k before our breakout and run to 60k. The second chart is now, and what I expect to play out to further confirm our major 5th has started. $BTC pic.twitter.com\/gDvt4hsQoq<\/p>\n<p>\u2014 Credible Crypto (@CredibleCrypto) February 5, 2022<\/p>\n<p>&#8220;The only good bear is a dead bear,&#8221; trader and analyst Pentoshi quipped\u00a0as the market continued rising to spike to local highs of $42,000.<\/p>\n<p>Others were less convinced of the sustainability of the current move, with data showing considerable large-volume selling beginning as $40,000 reappeared.<\/p>\n<p lang=\"en\" dir=\"ltr\">CT cheering about a break of 40k, but orders of size $100k+ are still selling this rip #BTC pic.twitter.com\/IfACqoRBs5<\/p>\n<p>\u2014 Material Scientist (@Mtrl_Scientist) February 4, 2022<\/p>\n<p>As Cointelegraph reported, signs had already been circulating that an uptick was due, thanks mainly to the time-tested relative strength index (RSI) breaking a two-month downtrend in late January.<\/p>\n<p>&#8220;Probably worth mentioning price is at historic levels of oversold to on-chain demand\/supply, and the futures traders have halted their sell-down,&#8221; statistician Willy Woo commented while comparing similar RSI breakouts.<\/p>\n<h2>Fear lingers for wary hodlers<\/h2>\n<p>Turning to sentiment, the sense of caution characterizing the market since November&#8217;s $69,000 peak remained.<\/p>\n<p><strong><em>Related:\u00a0Price analysis 2\/4: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX<\/em><\/strong><\/p>\n<p>According to the Crypto Fear &amp; Greed Index, &#8220;fear&#8221; was still the overriding emotion among market participants, even after the price jump.<\/p>\n<p>The Index, which uses a basket of factors to produce a nominal sentiment score from 0-100, measured 33 at the time of writing, having spent most of January below 25 \u2014 the &#8220;extreme fear&#8221; zone.<\/p>\n<p>Nonetheless, the last time that the Index was so high was almost six weeks ago, just after Christmas.<\/p>\n<p><em>Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me<\/em><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-stays-higher-after-stocks-propel-btc-price-toward-42k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) held above $41,000 into the weekend after a late surge Friday took the largest cryptocurrency to two-week highs. BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView &#8220;The only good bear is a dead bear&#8221; Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD maintaining newly re-won ground Saturday, with the pair&#8217;s correlation to stock makets [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-1685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1685"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1685\/revisions"}],"predecessor-version":[{"id":1687,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1685\/revisions\/1687"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1686"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}