Bitcoin traders mark levels to watch as BTC price bounces to $39K

Bitcoin (BTC) started to see much-welcomed volatility to the upside on Feb. 23 as European markets opened with modest upside.

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

$39,600 set to spark “heavy resistance”

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD quickly gaining Wednesday, hitting $39,000 earlier than consolidating.

The pair had staged a gentle comeback in a single day, with progress totalling 6.8% versus Tuesday’s lows.

“Seems I’m not getting that little pull again however continuation increased already. Doesn’t change the construction actually a lot. $40k is essential stage,” fashionable dealer Crypto Ed reacted

Previously, Crypto Ed had warned that any push toward the $40,000 level could well end up as a relief bounce followed by an even deeper correction than that seen this week. 

Summarizing the short-term state of affairs, in the meantime, fellow dealer and analyst Matthew Hyland introduced $36,300 and $33,000 as the help levels in play. For him, $39,600 was as soon as once more the upside resistance zone to clear, as it had been earlier in February.

BTC/USD annotated chart. Source: Matthew Hyland/Twitter

“Expect heavy resistance and sure rejection within the 39.5-40k space if we get there,” Twitter account Cheds added.

After Tuesday’s lows entered, analytics instrument Material Indicators had, in the meantime, eyed an uptick in purchaser conduct after days of indecision.

“Market patrons lastly bought off their fingers and began pushing the inexperienced button,” it introduced on Twitter alongside a chart displaying growing order volumes of each massive and small buys.

Meanwhile, a have a look at order e-book knowledge from main change Binance on Wednesday confirmed BTC/USD starting to deal with a band of resistance with its newest transfer increased.

Binance order e-book knowledge chart. Source: Material Indicators

Altcoins bounce again with “altseason” speak within the air

A very good day was being had by altcoins on Wednesday, with main tokens beating Bitcoin’s personal strong 24-hour efficiency.

Related: ‘You’d higher purchase some Bitcoin’ — BTC figures defy Canada gov’t as ETF property hit file

Ether (ETH) was up 6.1% to $2,700 on the time of writing, indicative of lots of the prime 10 cryptocurrencies by market capitalization.

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

The record was led by one other strong run from Terra (LUNA), which gained 14% over the identical interval, adopted by Avalanche (AVAX) on 11.8% and Cardano (ADA) on 9.7%. 

Talk of an upcoming “altseason,” in the meantime, additionally remained fashionable on social media.