After facing strong selling pressure from retail and institutional investors over the past 10 weeks, BTC experienced one of the best days on February 4. The digital asset climbed by almost 10% and touched $ 42,000 for the first time in 15 days.
The primary cryptocurrency has witnessed a sharp increase in its volume and targeted activity during the recent upward growth. In total, bitcoin has added more than $ 24 billion to its market capitalization over the past 70 hours.
Digital asset number 2 (by market value), Ethereum, reached $ 3,000 for the first time in fifteen days on Friday. While ETH struck more than Bitcoin during the January market correction, this cryptocurrency asset also saw a stronger recovery. For the last 24 hours, ETH has gained + 12%.
Weekly influx of cryptocurrencies
Bitcoin witnessed an increase in demand from institutional investors last week. According to a weekly digital asset flow report published by CoinShares, BTC's total assets under management (AUM) remained above $ 31 billion last week.
After facing strong selling pressure from retail and institutional investors over the past 10 weeks, the price of bitcoin experienced one of the best days on February 4. The digital asset climbed by almost 10% and touched $ 42,000 for the first time in 15 days.
In the chart, we see a break of the level of 39,000 USD, which occurred on Friday morning and the growth continued to the resistance range to 40,000 - 42,000 USD. The overall pattern of bearish cascades is locked in a bearish triangle, and although the pattern is bearish, for the first time we see a bullish attack and an attempt to reverse the market. He will definitely come up with values of breaking the resistance line at 46,000 USD.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Do your own research and analysis before making any investment. You always trade at your own risk.
