Bitcoin broke above $44,000, making short-term investors profit for the first time since November. According to analysts, it confirmed a break above the two-month downtrend.
Bitcoin had gained more than 11% in the last 24 hours, according to data from TradingView and Bitstamp last Friday. Bitcoin last rose this much in one day last June.
$71M in Bitcoin Focused Funds
Also, around $71 million entered Bitcoin-focused funds last week. This represents the largest amount since the beginning of December.
Similar to Bitcoin, there have been rises in many altcoins. However, with the withdrawal in Bitcoin as of the broadcast time, altcoins also deleted some of their gains. For Bitcoin, $45-47,000 is the first resistance, while support is around $ 40,000.
The medium-term outlook, on the other hand, has been less negative for BTC given the recent price increase. This means that buyers can stay active towards the next resistance level of $45,000 to $47,000. The RSI, on the other hand, is not overbought yet. This leaves room for Bitcoin to rise further this week.
Investors Are Cautious
Still, the momentum signals on the weekly and monthly chart remain negative, suggesting some caution in the recent price rally. Bitcoin continues to fall at the time of publication, trading at $ 43,244.
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