BTC markets post massive rebound as Bitcoin nears a key resistance level despite the immense volatility as of late with the bulls reversing the losses and regain control over the cryptocurrency. the price action confirms that the latest selloff was the one that is most common during a bull market when the crypto retraces to 40% before continuing the drop so let’s read more on the bitcoin analysis in our BTC news.
BTC’s strength is creating more tailwinds for the entire market as ETH and other coins surged higher as well. One trader noted that he is flat on the BTC markets cautioning that the resistance could be very important at $40,000 and could cause a notable pullback. Once it is able to break above this level, the cryptocurrency could see more upward momentum that will lead to new highs. BTC and the rest of the market exploded higher with bulls taking full control of the market as they are looking to reverse the downtrend.
The market-wide strength shows a few signs of slowing despite the BTC resistance and is facing in the lower $40,000 region. The longer it is consolidated below the level, it is poised massive rebound and for a breakout rally which could send it flying past here. One trader explained that he is now watching for a break above the $40,000 price level before he flips long on the cryptocurrency and noted that this is a crucial level with a stronger rejection leading to a further downside.
At the time of writing, Bitcoin nears trading levels at 5% at a price of $39,400 which marks a notable surge from the recent lows of $30,000 that was set a few days ago in the market-wide selloff. Where will the entire market trend next will depend on whether or not the bulls are able to maintain the present momentum and use it to break above the $40,000 resistance. While sharing his opinion on the short-term price of BTC, one analyst explained:
“Nice pop out of the ascending triangle for $BTC. I’m flat as we approach this horizontal resistance zone. I’d be surprised if we blow through to new highs on the first attempt, but BTC has surprised me plenty of times before.”
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