Relief for embattled U.S. tech stocks injects fresh energy in Bitcoin and altcoins, with Ethereum reaching two-week highs.
$38,600 remains focal pivot
Data from Trading View showed BTC/USD returning to $38,000 Friday, up over 2% in 24 hours.
The pair saw a strong comeback overnight after suffering at the hands of U.S. stock sellers for two days straight.
A similar turnaround for tech stocks later on Thursday, with Amazon gaining 15%, set the stage for Bitcoin to rise in step, with BTC proponents nonetheless criticizing the over volatility of some equities.
The rebound meanwhile could go some way to averting a deeper retracement for Bitcoin, this nonetheless favored by contributor Michaël van de Poppe as a “likely” move.
“Overall, most likely case is another sweep of the lows for Bitcoin around $30-33K and after that we create a bullish divergence and the fun continues,” he argued late Thursday.
For a paradigm shift to occur, he reiterated that the area around $38,600 should still be broken and held.
Ethereum hits two-week high above $2,800
On altcoins, Ether (ETH) and Solana (SOL) led on the day, both posting 24-hour gains above 5%.
“Ethereum is acting even stronger than Bitcoin here,” Van de Poppe added, as the largest altcoin by market cap reached its highest levels since Jan. 21.
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