© Reuters
Investing.com – It’s been a bullish weekend for the , and this new week is also kicking off on a positive note, as the cryptocurrency nears $43,000, up from around $37,000 last Friday, a rebound of more than 16%.
Recall that Bitcoin had started to take off on Friday afternoon, after an initially bearish reaction to strong US employment data which reinforced expectations of a Fed rate hike.
Technical breakouts and short squeezes then appear to have accelerated the upside, with the first crossing a downtrend line that had held since the November 2021 high, before moving above $40,000 a few hours later.
Saturday and Sunday then saw Bitcoin accentuate its rise at a slower pace and settle just below the $42,000 threshold, a short-term resistance which was finally crossed overnight from Sunday to Monday.
Interestingly, it should be noted that US futures are down on Monday morning, as are Asian stock markets, a risk aversion that is not found in cryptocurrencies.
Regarding the next thresholds to watch on Bitcoin, the $43,000 threshold should be considered as immediate short-term resistance, before a larger area around $45,500. On the downside, the $40,000 area is the first key support.
Regarding other cryptocurrencies, it should be noted that the upward movement since Friday also benefits BTC competitors, with for example which is back above $3000, up 22% over one week.
It is, however, the one with the strongest rise, currently at $118, and up more than 30% over 7 days.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.