June 19, 2021

Bitcoin is Nearing Key Resistance as Market Posts Massive Rebound

2 min read
  • Bitcoin has seen some tremendous volatility since late, with bulls reversing its recent losses entirely overnight as they regain control of the crypto
  • This price action verifies that the latest selloff was one that is quite common throughout bull markets when the crypto retraces 30-40% before continuing its climb
  • BTC’s strength is creating tailwinds for the entire market, as ETH and most other major altcoins have actually likewise risen higher
  • One trader is now keeping in mind that he is flat on Bitcoin, for the time being, cautioning that the resistance around $40,000 could be quite substantial and cause it to see a noteworthy pullback
  • Once it can break above this level, nevertheless, the crypto might see some enormous upwards momentum that leads it to brand-new highs

Bitcoin and the entire cryptocurrency market have exploded greater today, with bulls taking complete control of the marketplace as they aim to reverse the current downtrend.

This market-wide strength shows few indications of slowing in spite of the resistance that Bitcoin is facing within the lower-$40,000 area.

The longer it combined below this level, the better poised it may be to post a breakout rally that sends it flying past here.

One trader described that he is now expecting a break above $40,000 before he turns long on the cryptocurrency. He keeps in mind that this is an important level, and any strong rejection could result in substantially additional disadvantage.

Bitcoin Explodes to $40,000 as Uptrend Resumes

At the time of composing, Bitcoin is trading up simply over 5% at its present price of $39,400. This marks a notable surge from its current lows of $30,000 set simply a few days earlier throughout a market-wide selloff.

Where the entire market patterns next will certainly depend on whether bulls can keep their present momentum, as use it to shatter the $40,000 resistance level.

Analyst Claims BTC Still at Risk of Seeing Downside Until $40,000 is Flipped to SupportWhile sharing his thoughts on where Bitcoin may trend in the short-term, one expert discussed that he is closely seeing to see its response to $40,000.

“Nice pop out of the ascending triangle for $BTC. I’m flat as we approach this horizontal resistance zone. I ‘d be shocked if we blow through to brand-new highs on the very first attempt, however BTC has shocked me plenty of times in the past.”

Bitcoin

 Image Courtesy of Jonny Moe. Source: BTCUSD on TradingView.

The coming couple of days need to offer insights into Bitcoin’s strength as it presses versus a crucial resistance level.

Included image from Unsplash.
Charts from TradingView.