Bitcoin Briefly Stops At $40K With Crypto Rally Strengthening

Bitcoin briefly stops at the $40K level again, pumping 8% over the past 24hours while other cryptocurrencies followed the rise. BTC increased by 16.21% over the past week so let’s take a closer look at today’s analysis in our Bitcoin news.

Other crypotcurrencies are rising as well. Both XRP and ETH reached $0.43 and $1678 respectively. The price of Bitcoin increased by 8% over the past day to a new high of $40,415 while the cryptocurrency increased by 16.21% over the past week. BTC is now at its highest price since the sudden drop to $31,500 which followed after BTC hit a new all-time high of $41,946. Today, Bitcoin briefly stops at $40K again before decreasing slightly while its 24-hour trading volume hit $74.3 billion marking an increase of 17.34% from yesterday’s $61 billion.

Other cryptocurrencies are also increasing. Etheruem’s price marked a daily increase of 1.82% to a level of $1687 and a weekly increase of 25.42%.  A day ago, the coin broke the all-time high of over $1720. XRP reached $0.43 marking an increase of 0.14% over the past day while it increased by 44.91% this week alone. XRP’s price jumped to new highs of $0.75 level after 295.000 traders from the Pump and Hold Telegram group coordinated to boost the price. The boost however was short-lived and the membership of the group has dropped since to 165,000.

Earlier this week, Mike McGlone an analyst from Bloomberg, said that Bitcoin entered a consolidating bull market and estimated that ,000 is the “initial target resistance level.
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As reported earlier, BTC extended its rise and it cleared the $38,000 resistance with the price still trading above the $36,375 and the 100 hourly simple moving average. There’s also a major contracting triangle forming with support close to the $37,350 and the $36,00on the hourly chart of the BTC/USD pair with it breaking the triangle resistance of $37,500 to start a fresh increase. After trading above the $38,500 level the BTC price started a downside correction and it failed to stay above the $38,000 level while breaking the $37,500 support level. The price broke the $37,000 level but the bulls were quite active about this level and a new low was formed near the $36,220 with the price consolidating in the range. It climbed above the 23.6% fib retracement level and the drop from the previous $38,716 high.