Bitcoin Surges to $41K, Will a Crypto Bull Run Come Soon?

In a surprising move, Bitcoin managed to turn around a bearish week by reclaiming the $41,000 level, signaling a possible return of lost momentum.
This sharp rise has led to speculation among investors and analysts about a potential bull run that may occur in February, considering Bitcoin's bullish history in that month.
With market sentiment returning to positive and bullish expectations rising, many are wondering how high Bitcoin can climb in 2024.

The Rise of Bitcoin

Reporting from CoinPedia, starting the week on a bearish note of 4.89%, Bitcoin lost the $40 thousand level on Monday, resulting in a huge bearish candle. However, the sharp sell-off failed to trigger a major rally, leading to long liquidations on Monday.
In comparison, the three days following Monday's decline were calm and produced several Doji candles. The price rejection lower set the bullish stage for Bitcoin by returning the support base at the $38.20% Fibonacci level and the $38K figure.
With a 5% jump this Friday, BTC price retested the broken support trendline with a spike in intraday trading volume. Moving on, buyers are testing waters near 50-day EMA and 23.60% Fibonacci level close to $42K mark.

Altcoins Experience Ups and Downs

Meanwhile, altcoins had a tough week, with a 1.18% drop in cryptocurrency market capitalization , excluding Bitcoin. Down at $744 Billion, altcoins turned things around, with Bitcoin reclaiming the $41K mark and challenging the 50-day EMA.

Despite this week's sharp decline, certain altcoins outperformed the market with double-digit gains. Manta Network , Sui, and Chiliz were the best performers this week, with the altcoins delivering gains of 49%, 25%, and 17%, respectively.

On the downside, ORDI, WOO, and Chainlink (LINK), posted declines of 16%, 14.83%, and 14.55%, respectively.

DeFi and NFT marketplace

Furthermore, the total DeFi market cap is back above the $70 billion mark with a sharp recovery on Friday. Additionally, the total value locked in the DeFi sector showed a minor decline to $56.47 billion from last week's value of $57.483 billion.
On the other hand, the NFT market faces challenges to regain momentum and create hype. With increased volatility last week and recovery on Friday, NFTs are poised for a comeback.
This week marks a potential turning point for Bitcoin and crypto as a whole, with a promising recovery and rising bullish expectations. Is this the start of the long-awaited bull run or just a temporary recovery?