Bitcoin shrugs off Russia crypto ban fears as BTC price nears $43.5K

2 years ago

A crisp uptick could person wider implications for the two-month Bitcoin terms downtrend, 1 expert reveals.

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Bitcoin shrugs disconnected  Russia crypto prohibition  fears arsenic  BTC terms  nears $43.5K

Bitcoin (BTC) surged connected the Wall Street unfastened connected Jan. 20 arsenic quality that Russia was planing to "ban" cryptocurrency failed to interaction terms performance.

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

BTC terms climbs $2,500 successful 24 hours

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD adding $1,500 implicit respective hours connected Thursday, continuing the upside determination which began with a bounce disconnected $41,000.

At the clip of writing, the brace was acting supra $43,000, having reached highs of $43,468 connected Bitstamp.

That highest represented an eclipse of absorption instantly supra the $43,000 mark, and invesetors are present watching to spot whether Bitcoin tin deed higher targets.

"A play adjacent conscionable similar this (i.e. supra ~$43,100) would beryllium capable for BTC to physique connected this aboriginal bullish momentum and determination higher," trader and expert Rekt Capital argued successful his latest Twitter update."

"Still a fewer days near for the play adjacent to corroborate this but truthful far, truthful good."

Bitcoin trying to interruption retired of 2+ month-long downtrend

— Will Clemente (@WClementeIII) January 20, 2022

Others zoomed retired further, with chap expert William Clemente noting a imaginable breakout of a downtrend successful spot since aboriginal December.

The enactment came contempt caller desires to clamp down connected Bitcoin and cryptocurrency much broadly from Russia's cardinal bank, with comments calling for a blanket ban connected circulation and usage arsenic good arsenic mining.

Unlike akin announcements — and reiterations of those announcements — by China, the marketplace was wholly unfazed by the plans, thing which was not mislaid connected pundits.

"Russia is looking to repetition the mistakes of China," expert and podcast big Scott Melker, known arsenic the "Wolf of All Streets," reacted.

A $34 cardinal hack of trading level likewise failed to dent enthusiasm.

Altcoins prehend a accidental to move

Optimism besides extended to altcoins arsenic Bitcoin moved up, with Ethereum (ETH), Solana (SOL) and Terra (LUNA) starring the apical 10 cryptocurrencies by marketplace cap.

Related: Breaking ‘bear market’ successful Bitcoin request volition spark adjacent BTC terms surge — Analysts

ETH/USD added astir 3% connected the day, making the chances of a $3,000 retest astatine slightest temporarily little likely.

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

"Very bully movements connected the markets," Cointelegraph contributor Michaël van de Poppe summarized.

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