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Bitcoin, altcoins and tech stocks are slowly recovering from the crash

 


After the heavy losses of the last few days, not only the tech stocks are going up again, but also the crypto market.


Today, February 4th, Bitcoin ( BTC ) has almost completely made up for the loss of the previous day, but a possible crash back to 30,000 US dollars still raises doubts.


$38,600 mark in focus

As data from Cointelegraph Markets Pro and TradingView shows, BTC/USD rallied back to as high as $38,000 on Friday, up over 2% in the past 24 hours.


For the crypto market leader, the morning hour seems to have caught the worm, because after the Bitcoin price, driven by the crash on the stock market, had recently lost a lot, it rose again significantly for the first time on Friday morning.


The tech stocks, which were mainly affected by the crash, were able to recover on Thursday evening. For example, Amazon went up a whopping 15% again. Bitcoin & Co. picked up on this development a little later.


The upswing was very important for the market-leading cryptocurrency, because there is still the threat of a more violent return. Cointelegraph expert Michaël van de Poppe also thinks this is “probable”.


"The most likely case is that bitcoin dips back to the lows in the $30,000-$33,000 range and then slowly bounces back up," the analyst explains .


In order to be able to initiate the trend reversal , however, the 38,600 US dollar mark must first be cracked and consolidated.


"BTC is currently still undecided below the $38,650 mark," as his colleague Rekt Capital notes with regard to the major hurdle . To which he adds:


“Well, at least BTC can still defend last week’s high at the moment. Technically, BTC remains in a price range of $28,000 – $38,000.”

Meanwhile, crypto expert Pentoshi points to the longer-term time horizon and believes that there is light at the end of the tunnel. Billionaires, states and institutional investors would soon be competing for an increasingly scarce supply, which would inevitably drive the Bitcoin price up again.



Ether climbs to two-week high

On altcoins, Ether (ETH) and Solana (SOL) led on the day, both posting 24-hour gains above 5%.


ETH/USD can even gain more ground than BTC/USD as it breaks above $2,800. The so-called Bollinger bands show that Ether is now back in the green .



"Ethereum is currently even stronger than Bitcoin", as van de Poppe therefore also thinks . The second largest cryptocurrency has also reached its highest market capitalization in two weeks.

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