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Bitcoin is Nearing Key Resistance as Market Posts Massive Rebound

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Bitcoin is Nearing Key Resistance as Market Posts Massive Rebound

Bitcoin Explodes to $40,000 as Uptrend Resumes

Where the whole market tendencies next will depend on whether bulls can maintain their current momentum, as use it to shatter the $40,000 resistance level.
Source: BTCUSD on TradingView.

Bitcoin


Published at Thu, 14 Jan 2021 18:00:30 +0000

“Nice pop out of the ascending triangle for $BTC. I am flat as we approach this flat resistance zone. I would be amazed if we blow through to new highs on the first attempt, but BTC has amazed me a lot of times before.”

At the time of writing, Bitcoin is trading up just more than 5 percent in its current price of $39,400. This marks a notable surge from its recent highs of $30,000 set just a few days ago during a market-wide selloff.


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  • Bitcoin has seen some immense volatility as of late, with bulls reversing its current declines altogether overnight as they regain control of the crypto
  • This price action confirms that the newest selloff was one that is quite common during bull markets when the crypto retraces 30-40% prior to continuing its ascent
  • BTC’s strength is producing tailwinds for the entire market, as ETH and most other Important altcoins have also surged higher
  • One dealer is now noting that he is flat on Bitcoin, for the time being, warning the resistance around $40,000 could be quite significant and cause it to see a notable pullback
  • Once it can break above this level, but the crypto could see some massive upwards momentum that leads it to new highs

One trader explained that he is now watching for a break above $40,000 before he flips long on the cryptocurrency. He notes that this is a vital level, and any strong rejection could lead to significantly further drawback.
This market-wide strength shows few signs of slowing despite the resistance that Bitcoin is facing within the reduced -$40,000 area.

Analyst Claims BTC Still at Risk of Seeing Downside Until $40,000 is Flipped to Support 

Featured image from Unsplash.

The coming few days should provide insights into Bitcoin’s strength as it pushes against a crucial resistance level.
Bitcoin and the whole cryptocurrency market have exploded higher now, with bulls taking complete control of the market as they seem to reverse the current downtrend.

While sharing his thoughts on where Bitcoin might fad from the short-term, one analyst explained that he is closely watching to see its response to $40,000.
The longer it consolidated below this level, the better poised it could be to post a breakout rally that sends it flying past here.

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