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

Bitcoin (BTC) began to spot much-welcomed volatility to the upside connected Feb. 23 arsenic European markets opened with humble upside.

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

$39,600 acceptable to spark "heavy resistance"

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

The brace had staged a dependable comeback overnight, with advancement totalling 6.8% versus Tuesday's lows.

"Seems I'm not getting that small propulsion backmost but continuation higher already. Doesn't alteration the operation truly much. $40k is cardinal level," fashionable trader Crypto Ed reacted. 

Previously, Crypto Ed had warned that immoderate propulsion towards the $40,000 could good extremity up arsenic a alleviation bounce followed by an adjacent deeper correction than that seen this week. 

Summarizing the short-term scenario, meanwhile, chap trader and expert Matthew Hyland presented $36,300 and $33,000 arsenic the enactment levels successful play. For him, $39,600 was erstwhile again the upside absorption portion to clear, arsenic it had been earlier successful February.

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

"Expect dense absorption and apt rejection successful the 39.5-40k country if we get there," Twitter relationship Cheds added.

After Tuesday's lows entered, analytics instrumentality Material Indicators had meantime eyed an uptick successful purchaser behaviour aft days of indecision.

Market buyers yet got disconnected their hands and started pushing the greenish button. Marked up different FireChart to assistance you construe the intraday moves. #BTC #Datavisualization #Crypto #tradingstrategy https://t.co/zw0ufgPIMt pic.twitter.com/rrpBB05vS2

— Material Indicators (@MI_Algos) February 22, 2022

Market buyers yet got disconnected their hands and started pushing the greenish button," it announced connected Twitter alongside a illustration showing expanding bid volumes of some ample and tiny buys.

A look astatine bid publication information from large speech Binance connected Wednesday meantime showed BTC/USD opening to tackle a set of absorption with its latest determination higher.

Binance bid publication information chart. Source: Material Indicators

Altcoins bounce backmost with 'altseason' speech successful the air

A bully time was being had by altcoins connected Wednesday, with large tokens beating Bitcoin's ain coagulated 24-hour performance.

Related: 'You'd amended bargain immoderate Bitcoin' — BTC figures defy Canada gov't arsenic ETF assets deed record

Ether (ETH) was up 6.1% to $2,700 astatine the clip of writing, indicative of galore of the top-ten cryptocurrencies by marketplace cap.

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

The database was led by different coagulated tally from Terra (LUNA), which gained 14% implicit the aforesaid period, followed by Avalanche (AVAX) connected 11.8% and Cardano (ADA) connected 9.7%. 

Talk of an upcoming "altseason," meanwhile, besides remained popular connected societal media.