Bitcoin is currently worth more than $40,000, up more than 20% from its lows in late January. Despite the recovery, the crypto community, analysts, and others believe the bottom is still a long way off. In the meantime, BTC has started to recover from a seven-year secular bull trend line.
BTC/USD traded in a range of $39,474.40 to $41,750.56 in the last 24 hours, showing high volatility.
The overall market worth is around $791 billion, while trading volume has climbed by 9.57 percent to $27.4 billion. The Bitcoin price action is stalling today on the 4-hour chart, as the $42,000 mark acts as resistance.
Bitcoin (BTC) is showing strength, according to a highly respected crypto expert, but it has to flip specific levels to sustain its recent near 10% rally.
Van de Poppe tells his YouTube subscribers (Now Deleted) that BTC is still carving out a comfortable range for itself in a video update. He says, we’ve been taking the true bottom around $36.4k, and as a result, we’ve been bouncing back up near $38k. This indicates that the token is still building a range.
BTC is still finding resistance
Despite the fact that the Bitcoin markets have seen favourable price action in the last 24 hours, Van de Poppe believes BTC is still facing resistance at current levels.
He says although there is a lovely bounce back up, but the volume is still low, indicating that we aren’t seeing all of the strength that we require.
However, if we break above $38.8k, I believe $41.5k is next. As a result, this critical breaker [$38.8k] is still the one to keep an eye on.
We also have this one at $38.2k that we’ve been using as support, but it could be hitting resistance now,”he added.
According to Van de Poppe, Bitcoin dropping back below $36,000 is still a possibility, however such a decline would create a bullish divergence for the world’s most valuable cryptocurrency.
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