Bitcoin Breaks Two Month Downward Trend, Altcoins Rise, Shiba Moons

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Bitcoin is trading above $44,000 and sees a break in it’s two month downtrend which worldwide media had been hyping about. As we see short term traders take profits, it will be most interesting to see if later in the week Bitcoin can confirm it’s upwards momentum and go for the next level of resistance, normally around the $45,000 or $47,000 mark.

Analysts claims that a brief pullback should be expected once we reach that level.

$BTC
Taking the last highs now. Looking for one last spike up but 44-46.3k imo good spot to close longs out and re-evaluate https://t.co/9ynkj2U8bB pic.twitter.com/fXdAYC19DF

— Pentoshi 🐧 Forbes worst trader 40 years running (@Pentosh1) February 7, 2022

Pseudonymous Twitter user (and famed crypto trader) Pentoshi stated:

Taking the last highs now. Looking for one last spike up but $44,000–$46,300. In my opinion, good spot to close longs out and re-evaluate.

#BTC
Looks like we indeed go for $44,500

Cheers! https://t.co/rZmbhxo3sc

— Crypto_Ed_NL not asking to send DM’s (@Crypto_Ed_NL) February 7, 2022

Altcoins rally

Probably too soon to call for altseason but still we noticed several altcoins rally hard after Bitcoin broke the downward trend.

Some of the biggest gainers of the past week were XRP (up 44% in 7 days), Avalanche (up 30% in 7 days) and certainly memecoin Shiba Inu (up 56% in 7 days). That last one was noticed by the Indian crypto traders as well.

Speaking to the Economic Times, Isharn Arora of crypto hedge fund Tykhe Block Ventures said:

Bitcoin and Etherum both bouncing off the lows have again given investors confidence in other coins such as Shiba Inu which have also bounced off weeks of downtrend.

K-Paul.KK / Depositphotos.com