BTC price hits $38,000 as Bitcoin analysts focus on weekly close

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Bitcoin (BTC) staged new resistance tests of $38,000 on January 26 as optimism grew over a potential rally to $40,000 and above.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewNext stop retesting $40,000?

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it continued the rebound that began on Monday.

At the time of writing, two breakouts of $38,000 have occurred, with the pair remaining just below this level amid other direction cues.

For Cointelegraph contributor Michal van de Poppe, the signs were encouraging, with the stage set for a potential exit from the $30,000-$40,000 corridor.

Bitcoin holds $36,000 and has already tested $38,000. If this one tests again, we’ll likely have a breakout and potentially test $40.7,000, he told Twitter followers.

Trader, analyst and podcast host Scott Melker, known as Wolf Of All Streets, was almost as bullish for short stretches.

The target is $39,600, which as you know is coincidentally the main resistance on longer timeframes, he said in his latest Twitter update, identifying a pattern of cup and handle on the hourly chart.

Even if the overall trend calls for Bitcoin to continue falling, he added, $39,600 remains important as an area to challenge.

Here’s $39,600 on the weekly. This is where the bullish structure of the market broke down with a lower low.

This is the initial objective of my current aspirations. It “should” theoretically be retested as resistance, even if we go even lower.

Never guaranteed. pic.twitter.com/4AUZRsFuF5

The Wolf of All Streets (@scottmelker) January 26, 2022 Dogecoin gains outpace major cryptos

Altcoins continued to see relief, while Ether (ETH) gained another 4.3% in the past 24 hours to return above $2,500.

ETH/USD 1 hour candle chart (Bitstamp). Source: Trading View

Related:Eth2 is no more after Ethereum Foundation drops name in rebranding

The largest altcoin by market capitalization nonetheless outperformed several peers, including Solana (SOL) and XRP.

The top 10 cryptocurrencies by market capitalization, however, were led by Dogecoin (DOGE), which made gains of around 10% over the same period.

The move was accompanied by a new ad from Tesla CEO Elon Musk, who pledged to eat one of McDonald’s Happy Mealson TV channels if the fast-food giant chose to accept DOGE for payments.

I will eat a happy meal on TV if @McDonalds accepts Dogecoin

Elon Musk (@elonmusk) January 25, 2022

DOGE/USD was trading at $0.15 at the time of writing, still around 9% below its position a week ago.

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