Bitcoin’s price rises as Amazon’s stock rises 15% in a US tech rebound

Relief for battered US tech stocks has given Bitcoin and altcoins a boost, with Ether hitting two-week highs.

On Feb. 4, Bitcoin (BTC) regained much of its previous losses, but fears lingered that a retest of $30,000 was on the way.

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The focal pivot is still $38,600.

BTC/USD returned over $38,000 on Friday, up over 2% in 24 hours, according to data from Bitcoinsupports and TradingView.

After suffering for two days at the hands of US stock sellers, the pair made a dramatic return overnight.

Later on Thursday, a similar turnaround in tech stocks, with Amazon rising 15%, laid the scenario for Bitcoin to soar in lockstep, despite BTC proponents denouncing some equities’ excessive volatility.

Meanwhile, the rally may go some way to averting a further correction for Bitcoin, which Bitcoinsupports contributor Michal van de Poppe sees as a “probable” move.

“Overall, the most likely case for Bitcoin is another sweep of the lows around $30-33K, followed by a bullish divergence and the fun continues,” he claimed late Thursday.

He underlined that the level around $38,600 should still be broken and held for a paradigm change to occur.

In a recent tweet regarding the same level, fellow trader and analyst Rekt Capital wrote, “BTC is still building an indecision candle just below the major resistance of $38650.”

“However, BTC is able to hold the top of last week’s candle as support for the time being.” Until further notice, BTC remains technically within the 28000-$38000 band.”
Pentoshi adopted longer timelines, punctuating months of cautious BTC forecasts with new hope of a comeback.

As Bitcoinsupports previously reported, on-chain indicators continue to forecast a recovery this week, breaking out of a two-month downtrend.

Ether reaches a two-week high of $2,800.
On the cryptocurrency front, Ether (ETH) and Solana (SOL) dominated the day with 24-hour gains of more over 5% each.

As trader and Bollinger Bands founder John Bollinger said, present levels were a good purchase zone for his ETH allocation, ETH/USD surpassed BTC/USD to pass $2,800.

“Ethereum is acting much stronger than Bitcoin here,” van de Poppe noted, noting that the largest cryptocurrency by market capitalization had hit new highs since January 21.

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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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