Bitcoin (BTC) kept investors guessing with tech stocks as Wall Street opened on Feb. 4, circling $38,000.
Stocks continue volatility
Data from Cointelegraph Markets Pro and TradingView followed a ranging overnight period for BTC/USD, bulls hoping for clearer validation of recent gains.
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After 15% daily gains the day before, Amazon (AMZN) continued its uptrend on Feb. 4, jumping 10% at the open, while embattled Meta (FB) dipped further.
In what has become an increasing focus of attention among analysts, curiously volatile tech stocks thus showed few signs of steadying at the opening bell.
Bitcoin, after losing $800 in the hour beforehand, thus recouped all of those losses and more, underscoring its positive stocks correlation.
“No more posting about stocks, returning to telling you how boring Bitcoin is instead,” Wolf of All Streets Podcast host Scott Melker joked to Twitter followers, revealing that he had bought FB at Feb. 4’s prices.
The overall state of market, however, did not pass him by.
Amazon stock is absolutely pumping after earnings last night.
And it’s pure theater.
Missed on earnings, projecting a 4% downgrade in earnings next quarter.
Raising Prime prices to account for losses.
And that’s “bullish.”
I’m riding wave, but everything is irrational. https://t.co/mHMIm9oeQL
— The Wolf Of All Streets (@scottmelker) February 4, 2022
Melker was not alone, with other commentators even likening the “good-news-is-bad-news” paradox to an episode of The Simpsons.
When it came to BTC, however, popular trader and analyst Pentoshi doubled down on his new, more positive stance on the outlook.
“IMO this larger green area will be a spot where big players buy back + close short positions. Has historical value,” he said about a target area between $31,000 and $36,500.
“Think it’s a tremendous buying opp. I bought 100 $BTC at 37.2 and 400 more yesterday, and will kektinue on spikes down.”
Levels above and below set
Meanwhile, after almost exactly two months of downtrend, Bitcoin is “almost done,” another more bullish analyst believes.
Related: Bitcoin bulls may ignore Friday’s $730M options expiry by saving their energy for $40K
Identifying a zone to reclaim overhead, Twitter account Anbessa urged patience while keeping an eye out for a higher timeframe bull signal to emerge.
69 days downtrend almost done, and while I play these LTF bounces, reminder that the reclaim of that level is a HTF bull signal
Patience, Rationality. pic.twitter.com/bFIpFRmTO0
— AN₿ESSA (@Anbessa100) February 4, 2022
As Cointelegraph reported, signals began appearing in late January regarding a possible exit from the multi-month cycle of losses totaling almost 50% from all-time highs.