Bitcoin (BTC) still looks strong even after breaking below $40,000 last week, says one trader who spotted a 2023 crypto hack.
In a new strategy session, pseudonymous analyst Don Alt told his 56,700 YouTube subscribers that although the approval of Bitcoin exchange-traded funds (ETFs) has turned into a sell-off news event, Bitcoin can still… Avoid a total price collapse.
According to the trader, the absence of a massive BTC sell-off is a constructive sign for the cryptocurrency king.
“I liked this price action over the last couple of days. I think overall with the way the ETF played and how we got the news sell event, it was reasonably expected that prices would go down. But they were very reluctant to do that, and every time they went In which it was just a little trickle down rather than the traditional news selling thing where you get massive volume and just complete pits.
That could be enough. I'm not Team Bear anymore. If anything, I'm the team that wants to be a bull.
The trader also says that Bitcoin appears to be consolidating within a strong uptrend. He says BTC is likely to regain its upward momentum once it overcomes the resistance at $44,000.
“The weekly time frame, if you look at that, if it closes like that and starts to rise above $44,000….there's no good reason to go lower. Obviously it could go lower after that but just from a TA (technical analysis) perspective, it's This is literally as sideways as it can get going into a very strong trend.
You expect that if it breaks this side range to the upside, you will get a follow-through.
It doesn't look too bad if it continues like this over the weekend and then we'll have a strong showing on Monday. I don't hate this chart.
At the time of writing, Bitcoin is trading at $42,416, up more than 9% from its seven-day low of $38,678.
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