Bitcoin (BTC) surged on the Wall Street open on Jan. 20 as news that Russia was planning to “ban” cryptocurrency failed to impact price performance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price climbs $2,500 in 24 hours

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD adding $1,500 over several hours on Thursday, continuing the upside move, which began with a bounce off $41,000.

At the time of writing, the pair was acting above $43,000, having reached highs of $43,468 on Bitstamp.

That peak represented an eclipse of resistance immediately above the $43,000 mark, and investors are now watching to see whether Bitcoin can hit higher targets.

“A weekly close just like this (i.e. above ~$43,100) would be enough for BTC to build on this early bullish momentum and move higher,” trader and analyst Rekt Capital argued in his latest Twitter update.”

“Still a few days left for the weekly close to confirm this but so far, so good.”

Others zoomed out further, with fellow analyst William Clemente noting a possible breakout of a downtrend in place since early December.

The action came despite fresh desires to clamp down on Bitcoin and cryptocurrency more broadly from Russia’s central bank, with comments calling for a blanket ban on circulation and usage as well as mining.

Unlike similar announcements — and reiterations of those announcements — by China, the market was entirely unfazed by the plans, something which…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.