BTC was trading around $41,200 at press time and is up 5% over the past 24 hours.
For now, BTC continues to hold support above $37,500 – a key level that has kept the recovery phase intact. Further, a series of higher price lows since Jan. 24 indicates a slowdown in selling pressure, albeit with 20% price swings.
Momentum signals on the weekly chart are still positive, which could point to additional upside toward the $46,710 resistance level over the intermediate term.
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