BTC price’s strong close this week comes as an attack on resistance levels lost a week ago as DXY headwinds weaken.
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It reached $24,000 on Wall Street’s opening on February 27, with a strong weekly close fueling further gains.
Bitcoin gains $1,000 from weekend lows
Data from Cointelegraph Markets Pro and TradingView show BTC/USD recovering in line with US stock futures.
The pair hit a low of $22,770 on Bitstamp over the weekend, but even that proved short-lived.
With stocks rebounding into the new week, Bitcoin was expected to maintain its upward trajectory and end February on a high.
Cointelegraph contributor and founder and CEO of trading firm Eight, Mikael van de Poppe, said in part of a Twitter update on the same day that the $23,800 critical level A failure in the means there is another test of support.”
“If that happens and we can get our money back, the $25,000 test is imminent and the longs will do well.”
Popular crypto trader Tony had a similar opinion, but was more cautious about the duration of the overall uptrend.
“If I get back $23,750 and stay high, I’ll buy. Or if I lose $22,900 and stay low, I’ll sell,” he told his Twitter followers.
The Decentrader trading package also argued that a stronger signal is needed before going long BTC.
“Even when Bitcoin fell, people were waiting for it. Now the ratio of long to short positions is starting to drop and the price is starting to recover a bit,” the comment said.
“Still very strong he’s a 1.8. I wish he had more spin before the rally really started.”
Dollar reverses previous strength
At the time of writing, US stocks continue to recover the levels they lost a week ago, with the S&P 500 and Nasdaq Composite Index up 1% and he 1.2% respectively.
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Meanwhile, the US Dollar Index (DXY) fell below 105 points, indicating an increase in risk assets across the board.
Popular trader Justin Bennett wrote as part of the latest special index update, “So far there are bogus tricks that could outpace this rising wedge.”
“Things get interesting.”
Meanwhile, a popular CryptoCon analyst highlighted the changing dynamics of the correlation between DXY and his BTC.