Bitcoin Price Bounces Back to $40,000

Bitcoin Price Bounces Back to $40,000

  • Bitcoin price begins an upward trend after a minor correction.
  • Bulls reclaim a possible Green run with a 15% price increase.
  • Currently, prices are as high as $40,122.

Bitcoin price has rallied back up since its recent downtrend and might be on the run to reach its next ATH. The price increase is the most noteworthy Bitcoin price move since prices dropped to about $30,000. As of yesterday, the largest cryptocurrency by market capitalization had regained $5,000. At the moment, Bitcoin’s market cap value  is about  $750 billion. Other cryptos have also increased, with Ethereum, Polkadot, and XLM up by 14%, 22%, and 5%, respectively. Other altcoins on the increase include LINK, ADA, and BCH.

Bitcoin Price to face resistance

Indications from the 4-hour chart trends show Bitcoin setting out on a path to increased prices. While this may continue, Bitcoin may face resistance at $40,775, $41,000, $41,835 and the $42,000, it’s recent all-time-high. Key levels to watch out for also include $39,720-$40,000. Amidst the previous lower prices and recent green rally, sellers remain steadfast and continue to hold on strongly.

If Bitcoin passes its previous all-time high, it will have to bypass key resistance levels at $43,445 and $45,000.

Bitcoin price may also lead to lower lows

Whether or not the current increase in Bitcoin price will lead to higher highs remains to be seen. Despite the price rally, recent news about possible crypto regulation may also affect market sentiments and the level of investment in Bitcoin. This is a result of fraudulent activities trailing the use of private wallets and cryptocurrencies. If Bitcoin prices do not continue on this same trend, Bitcoin prices may reach down and plunge to lower lows. Key support levels to watch out for on the way down are $38k, $37.15k, $36k, $34k to $32.5k.

 

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