United States equities markets are on a roll, supported by strong economic growth and signs that inflation may be slowing down on a yearly basis. The S&P 500 Index (SPX) climbed 1.06% last week, continuing its march toward the psychologically important level of 5,000. Bitcoin also behaved identically, rising 1.08% last week.

It was an impressive performance, considering that Bitcoin’s price had fallen near $38,500 during the week. The strong recovery shows solid buying at lower levels. Fidelity's spot Bitcoin exchange traded fund (ETF) has reportedly managed to pull in $208 million in daily inflows on Jan. 29, outstripping outflows from Grayscale Bitcoin Trust for the first time outside their launch day.

Buyers tried to drive Bitcoin above the 50- day SMA ($42,795) on Jan. 28 and 29, but the bears held their ground. The flat moving averages and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If bulls push the price above the 50-day SMA, the BTC/USDT pair could reach $44,700.

This level is likely to attract strong selling by the bears. If the price turns down from $44,700 and breaks below the moving averages, it will indicate that the rangebound action may continue for a few more days. On the other hand, if the price slips and maintains below the 20-day EMA ($41,950), the pair may gradually dip toward $40,000 and then $37,980. The next trending move is likely to begin after buyers shove the price above $44,700 or bears sink the pair below $37,980. 

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