In the Bitcoin market, this currently looks like a preparation for another $ 40K attempt, but it won’t be easy.
Since our last analysis, when Bitcoin lost more than $ 10K in a short time due to a correction, BTC immediately got to its feet and returned to $ 40K. Bitcoin has once again shown that it can recover quickly, and investors used this dump to buy in the support area for $ 30K.
So after the first attempts in the $ 40K area, we witnessed also a second bull wave this month, but Bitcoin still didn’t have that much strength and the bears bounced him out of the $ 40K area.
However, we are currently seeing one strong bullish sign, which is the acquisition of $ 35K resistance in its favor, and it looks like this zone will be a valid support before another $ 40K attempt.
In case Bitcoin falls below $ 35K, it is possible that it will face another dump towards $ 30K and possibly lower.
What else does technical analysis tell us?
- Strong resistance at $ 40K
- Important support in the area of $ 28K – $ 30K
- New support at $ 35K
- Another confirmed support at $ 22.5K
- Key support at $ 19.5K
Read also: Miami plans to allow its citizens to pay city taxes in Bitcoin
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