Following Massive Volatility, BTC Surpassed $40K: Price Analysis

Following massive volatility on the markets, BTC surpassed $40,000 while most other altcoins charted some impressive gains so let’s read more in today’s latest Bitcoin news.

Bitcoin reminded me of the enhanced price fluctuations with the roller coaster movements but then reclaimed $40,000 and most other altcoins are in the green as well on the daily scale with ETH charging near $2700. Aside from a short movement to the up and down, the past few days were actually quite calm for BTC as it managed to near $39,000 but it then changed over the past 24 hours.

The asset traded near the aforementioned level before it surged by $3000 to $42,000. it then dumped just as fast and returned to $39,000 and resulting in over $200 million worth of liquidations for over-leveraged traders. The bulls managed to regain control over the market and pushed BTC north but this time the leg up was slow and Bitcoin reclaimed $40,000 now, the crypto stands at nearly $40,500 so the market cap went well above $750 billion.

The alternative coins had a hard time over the past few days with no decisive movements but now, the green dominates the landscape. Ethereum is among the leaders and had a daily increase of 6% so as a result, Ethereum neared $2700 after dropping to $2500 earlier this week. Following massive volatility, Avalanche, DOT, and Solana all showed similar increases and traded at $80, $18, and $83 respectively. Cardano, DOGE, SHIB, Ripple, BNB all saw some modest gains but were still in the green. Fantom and EGLD were among the best performers with some double-digit jumps. The market cap is up by $80 billion in one day and close to $1.8 trillion after dropping below .
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7 trillion.

As recently reported, Bitcoin defended critical price support on Monday and avoided a major technical breakdown that could have invited the bears. According to a popular technical analysis, the Ichimoku cloud showed weekly support for BTC near $37,600 and the leading crypto overnight tumbled to the level before stabilizing once again. Bitcoin bounced off the cloud support and hit $39,000.  While Bitcoin avoided the bearish scenario, the crypto remains below the resistance of $42,600 which was defined by the past week’s high. The long upper wick attached to the weekly candles implies that the bull failure between $42,600 to $45,900 was more convincing for a move into the resistance cone.