Last night, Bitcoin (BTC) broke above $39,000 for the first time in two weeks.
However, while the coin does not have enough support to maintain the upward momentum of the movement, on the night of Wednesday, February 2, it retreated to $38,840. The capitalization of the leading digital currency now stands at just over $736.712 billion.
Recall that in November BTC was close to $69,000, since then its value has fallen by about 50%.
Ether and Solana are also trying to renew their offensive. These altcoins rose to $2,788 and $112, respectively. Other digital currencies are also trading positively, market capitalization has increased to $1.78 trillion.
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Analysts at Arcane Research predict a gradual reversal of the trend as risk appetite returns to investors. Last week, bitcoin showed weak volatility.
On Monday, January 31, capital again went to the US stock market, and cryptocurrencies were able to win back some of the losses. The correlations between BTC and the Nasdaq indicator have been intensifying throughout the past month.
According to DailyFX strategist Nicholas Cowley, this week Bitcoin will trade in a range of $32,980 to $39,620.