Bitcoin (BTC<\/a>) staged new retests of $38,000 resistance on Jan. 26 as optimism increased over a potential recovery to $40,000 and higher.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0followed BTC\/USD as it continued the rebound that began on Monday.<\/p>\n At the time of writing, two breakthroughs of $38,000 had occurred, with the pair lingering just below that level amid further direction cues.<\/p>\n For Cointelegraph contributor Micha\u00ebl van de Poppe, the signs were encouraging, with the stage being set for a potential exit from the $30,000\u2013$40,000 corridor.<\/p>\n \u201cBitcoin\u00a0held $36K and tested $38K already. If that one tests again, we are likely to get a breakout and potentially test $40.7K,\u201d he told<\/a> Twitter followers.<\/p>\n Almost as bullish on short timeframes was trader, analyst and podcast host Scott Melker, known as the \u201cWolf Of All Streets.\u201d<\/p>\n \u201cTarget is $39,600, which as you know is \u2018coincidentally\u2019 the key resistance on higher time frames,\u201d he said as part of his latest Twitter update, identifying a cup and handle pattern on the hourly chart.\u00a0<\/p>\n Even if the overall trend demands that Bitcoin continue to fall, he added, $39,600 remained important as a zone to challenge.<\/p>\n Here is $39,600 on the weekly. This is where bullish market structure broke down with a lower low.<\/p>\n This is the initial target of my current longs. It “should” theoretically be retested as resistance, even if we are going down further.<\/p>\n Never guaranteed. pic.twitter.com\/4AUZRsFuF5<\/a><\/p>\n \u2014 The Wolf Of All Streets (@scottmelker) January 26, 2022<\/a><\/p><\/blockquote>\n Altcoins continued to see relief, meanwhile, with Ether (ETH<\/a>) gaining another 4.3% in the past 24 hours to return above $2,500.<\/p>\n Related:\u00a0Eth2 is no more after Ethereum Foundation ditches name in rebrand<\/a><\/em><\/strong><\/p>\n The largest altcoin by market capitalization was nonetheless outperformed by several peers, including Solana (SOL<\/a>) and XRP<\/a>.<\/p>\n The top 10 cryptocurrencies by market cap, however, were led by Dogecoin (DOGE<\/a>), which put in around 10% gains over the same period.<\/p>\n The move accompanied fresh publicity from Tesla CEO Elon Musk, who\u00a0pledged to eat one of McDonald’s Happy Meals<\/a>\u00a0on television should the fast-food giant opt to accept DOGE for payments.<\/p>\n I will eat a happy meal on tv if @McDonalds<\/a> accepts Dogecoin<\/p>\n \u2014 Elon Musk (@elonmusk) January 25, 2022<\/a><\/p><\/blockquote>\n DOGE\/USD traded at $0.15 at the time of writing, still around 9% below its position a week ago.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/9a45b60c-2c3c-4e4d-9c6b-773fa62c70c2.png\")
Next stop a $40,000 retest?<\/h2>\n
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Dogecoin gains outshine major cryptos<\/h2>\n
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