Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum?
March 20 2022 - 7:00AM
NEWSBTC
Bitcoin (BTC) reached an all-time high of $68,788 per coin on
November 10, 2021. Since then, the world’s most sought-after
cryptocurrency has experienced extraordinary volatility, and the
market has appeared reactive and fragile, with the Fear & Greed
Index indicating a high level of doubt and uncertainty. Since
January 5, the price of BTC has fluctuated between $35,000 and
$45,000, a relatively narrow range considering the currency’s track
record of fluctuation. As a result, this could be the start of
a long-awaited period of stabilization for the market’s top digital
asset. Bitcoin Yet To Regain Previous High The flagship
cryptocurrency has yet to reclaim its 2022 high of $47,800, which
it achieved on January 1 and 2 — approximately three weeks
before plunging to $33,183. While Bitcoin has flirted with the
$40,000 mark on several occasions this year, those growth spurts
have yet to prove viable. However, it has rallied once more this
week. According to CoinMarketCap, Bitcoin gained approximately
6.65% in the last seven days and was trading at $41,770 at the
time of this writing, surpassing the $40,000 mark on Friday. Other
coins have also increased in value during the last few days.
Pullback To Support Levels Seen Bitcoin’s price is edging closer to
its upward limit following an almost week-long slow strut-up. As a
result of the presence of many obstacles, a pullback to stable
support levels for BTC is anticipated. Bitcoin’s price is
encountering numerous resistance points as it approaches the
$45,000 local high. A retest of the bearish breaker zone between
$42,866 and $43,754 is expected to result in a downturn
to $38,887 and below. BTC total market cap at $792.68 billion
on the daily chart | Source: TradingView.com Related Article |
Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin
Killer’ Since January 22, the BTC price has reached three identical
highs and four higher lows. These swing points can be combined to
construct an ascending triangle using trend lines. This technical
structure forecasts a 20% increase, calculated by adding the
distance between the initial swing high and low to the
$44,417 breakout point. Bitcoin Poised For Further Rally Given
the current geopolitical landscape, rising inflation, interest rate
increases, and rising oil prices, many industry specialists are
already speculating on the Bitcoin price by the end of the year, as
many people want a buffer against inflation and a safe haven asset.
Bloomberg recently reported that despite a huge fall to usher
in the year, Bitcoin is poised for additional price gain.
Ethereum Nears $3K Meanwhile, Ethereum (ETH) gained ground on
Friday following a wild week. Ethereum has rallied up to 5% in
the last 24 hours, closing in on $3,000 for the first time in two
weeks. Ether’s growth is partly a result of efforts toward the
mainnet integration of the Ethereum blockchain and the Beacon
Chain. Related Article | Ethereum Sees Biggest Exchange Withdrawals
This Year – A Bump In ETH Price In The Offing? Featured image from
Coingape, chart from TradingView.com
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