Bitcoin price holds higher levels following a boost by stocks

Bitcoin price has faced a significant crash last month, following which the entire crypto market lost notable value. At the time, the flagship cryptocurrency lost more than 50% from it’s all-time high price level. Such trends introduced fear in the air of the entire market as the weekend began with concerns. Investors and traders were curious to know whether they will face an eerie lack of volatility or significant corrections. However, BTC managed to hold above the level of $41k to two weeks high.

Will Bitcoin price see a dead bear?

According to data from TradingView it is observed that the most prominent cryptocurrency is maintaining newly re-won ground Saturday. The Bitcoin price correlation to stock markets is firmly in focus. 

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Following the price actions, analysts underscored that the $39,600 zone seems a key line to cross and flip to new support in order to secure further upside. In the current scenario ,it is no issue for the bulls, as BTC gapped up in seconds as it reached close to $40k to continue further uptrends.

However, after the newfound strength, the sentiment was conspicuously more buoyant than in recent days.

BTC continued rising to spike to local highs

Credible Crypto, a popular analyst, compared the current price actions of the leading cryptocurrency to the last quarter of 2020. Notably, at the time, Bitcoin price challenged $12k prior to breaking three year ATH.

Besides, Pentoshi, trader and analyst quipped as the market continued to spike to local highs of $42k. Other analysts were observed being less convinced of the sustainability of the current sentiment. Indeed, few market data indicated a considerable large volume selling beginning as $40k reappeared.

The current Bitcoin price indications had already been circulating that an uptick was due. This mainly came to the time-tested relative strength index (RSI) breaking a two month downtrend in late last month.

According to Willy Woo, statistician it is worth mentioning that the price of the coin designed by SAtohsi Nakamoto is at historic levels of oversold to on-chain demand and supply. On the other hand the BTC futures contracts traders have also halted their sell down.