Bitcoin is currently worth more than $40,000, down more than 20% from its lows in late January. Despite the recovery, the crypto community, analysts and others believe that there is still a long way to go to bottom out. Meanwhile, BTC has started to recover from a seven-year secular uptrend line.
BTC/USD traded in a range from $39,474.40 to $41,750.56 in the last 24 hours, showing high volatility.
The overall value of the market is around $791 billion, while the trading volume increased by 9.57 percent to $27.4 billion. 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 well-respected crypto expert, but has to turn around specific levels to maintain its recent near-10% rally.
Van de Poppe tells his (now deleted) YouTube subscribers that BTC is still carving out a comfortable range for itself in a video update. It says that we have been bottoming out around $36,400 and have been bouncing around $38,000 as a result. This indicates that the token is still building a range.
BTC continues to find resistance
Even though Bitcoin markets have seen some favorable price action over the past 24 hours, Van de Poppe believes that BTC is still facing resistance at current levels.
He says that although there is a beautiful bounce up, but the volume is still low, indicating that we are not seeing all the strength that we need.
However, if we break above $38,800, I think the next move is $41,500. As a result, this critical switch [$38.8k] is still the one to watch.
We also have this one at $38,200 that we have been using as support, but it might be reaching resistance now,” he added.
According to Van de Poppe, Bitcoin’s drop below $36,000 remains a possibility, however, such a decline would create a bullish divergence for the world’s most valuable cryptocurrency.
This post At this level, the price of Bitcoin (BTC) could increase by more than 10%! Traders watch these pivot levels! – Coinpedia – Financial Technology and Cryptocurrency News Media
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