The largest cryptocurrency rose as much as 0.6% to $41,500 on Thursday, gaining for a second day. Katie Stockton, co-founder of Fairlead Strategies LLC, said technical indicators she follows suggest Bitcoin could be due for a short-term bounce to as high as $51,000, assuming it can break through its 200-day moving average, which stands at just above $48,000.Bitcoin has been largely stuck in a range of about $35,000 to $45,000 this year.
The tighter link with stocks worked in crypto’s favor on Thursday, as coins broadly tracked advances in Asian stock markets. China’s State Council said Wednesday it will “step up financial support to the real economy, especially industries and small businesses that have been hit hard by the pandemic.”
“Bitcoin looks attractive to buy dips after falling to test a nearly three-month trend connecting prior lows since early January,” said Mark Newton, managing director and head of technical strategy at Fundstrat. The token “should bounce over the next week, with upside targets at $43,750 up to $44,200 which looks like the first meaningful upside target,” he added.
Bitcoin’s struggles have shined a spotlight on so-called altcoins like Cardano, Avalanche and Solana, which have outperformed it recently. Even the second-biggest token Ether is up 24% in the past month, compared with Bitcoin’s rise of around 7%.Both Stockton and Newton offered notes of caution about the sustainability of Bitcoin’s recovery.
Should Bitcoin fall back below $40,000, it would run the risk of sliding to a “secondary support” level of close to $27,200,” according to Stockton. Bitcoin hasn’t traded that low since December 2020.
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