Bitcoin climbs above $41K on Wall Street open as gold dives, dollar cements highs
Bitcoin (BTC) reclaimed $41,000 on April 14 as the first day of Western stock market trading after Easter painted a more bullish picture.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking above $41,000 during Tuesday, reaching five-day highs on Bitstamp.
In a refreshing change to the gloomy atmosphere over the holiday period, the largest cryptocurrency began to copy what gold had achieved days prior, the latter since declining from $1,998 to $1,960 per ounce at the time of writing.
Equally energized, however, was the U.S. dollar, which continued cementing its strength in an ongoing potential headwind for BTC.
The U.S. dollar currency index (DXY) remained above the crucial 100 mark on the day, with analysts previously predicting that its next move would be a make-or-break moment for crypto.
As crypto sentiment exited "extreme fear," monitoring resource Material Indicators nonetheless called for level-headed appraisal of BTC price action.
Several moving averages, it said Tuesday, needed to be reclaimed before the outlook could fundamentally change.
Before you get too excited about yesterday's #Bitcoin PA, remind yourself that bulls need to reclaim these key moving averages to validate a trend reversal. To avoid potential bull trap, watch for volume and wait for confirmations. https://t.co/26BLOFwenL pic.twitter.com/r219S4YYCv
On Monday, however, the account acknowledged the "bullish" nature of the current chart setup.
In a now rare bull flag from the stock market, meanwhile, the S&P 500 posted a bottom signal on Monday, which has historically spurred BTC price gains.
Related: Bitcoin hodlers targeting $100K is what's preventing 40% price drawdown, data suggests
The move involves the stochastic relative
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