BTC Leaps Beyond $38,000 While Fluctuating Around Key Resistance Level

Highlights

  • Last week, during Friday, BTC was witnessed for the third instance leaping beyond the level of $38,000 within a single week, as it tried to hold the key support level.
  • The virtual currency was seen hitting an all-time high level of $42,00 last month during the start of this year after which its price went downhill. More recently, the crypto has been seen re-trending in the market consistently.
  • According to several market analysts and experts, the coin might hit and cross the $40,000 once again very soon.

Background

The market of virtual currencies has been led by the BTC ever since the inception of the cryptocurrencies. Although a lot of other cryptocurrencies have been invented and even circulated in the meanwhile, none of them was able to surpass BTC. Despite this dominance since the last whole decade, the journey of BTC has not been all consistent and smooth. An example which might provide you an example of this uneven journey of BTC is the way the price per coin of BTC hit the then all-time high up to $20,000 towards the end of 2017, before slipping down by more than $15000, to $3,234 in 2018. It is, however, noteworthy that the BTC has been seen more on the upside ever since then. This can be seen from the very recent price hike of up to $40,000 for BTC during the start of this year, accounting for a market capitalization of beyond $1 trillion. This shows that BTC comprised greater than 69% of the digital currency market. If you are interested to learn more about bitql.org and automated crypto trading.

Recent News on Bitcoin

During Friday, the crypto market tracked the BTC climbing to the level of up to $38,350, as the leading virtual currency of the market confronted the most recent obstruction in its journey back towards the record high levels.

During the last week, the token of BTC has shown a solid return rally, due to the increased demand of the retail investors in the crypto market. This trajectory will now face a challenge as the BTC is finding it harder than ever to maintain its price beyond the resistance mark of $38,000. The price per coin of the BTC climbed beyond the threshold last Thursday during the trading. However, it was seen there shortly and shrunk back to the levels of $37,000 towards the end of that day.

During Friday’s mid-morning, BTC was seen trading at 1% above the level of that of a day ago, at $38,065. The value of BTC has still been 31% year-to-date, even though it fell right after skyrocketing earlier this year.

The crypto market saw bitcoin skyrocketing to its all-time high price of almost $42,000. However, as the hungry-for-profit investors began selling their crypto, the prices soon dipped back to the lower levels. BTC was seen trading around the levels of $32,000 for some whole, before the leading crypto of the market broke the key resistance level towards the end of January this year.

The price rise beyond the $38,000 level on Friday is the third instance that the price of BTC has surpassed the $38,000 level. First, the coin was trading in the market right above the threshold on January 29. However, the prices fell right after that as the market witnessed them falling to as low as $33,000. The token projected a similar trend on Thursday, as it tried to go beyond the key resistance level again.

According to a few technical signs, a new price base could be enjoyed by the token. The Relative Strength index of BTC, which measures its price momentum and trajectory over the last two weeks, reads at just beyond 60. It should be noted that values beyond that of 70 signify that there has been an overbuying trend for the cryptocurrency. It was also noted that the different trend fluctuations and their measurements point towards BTC approaching a new all-time high price.

Another factor which resulted in an increased trending of the wider market was the announcement of Elon Musk, founder of Tesla and a multi-billionaire tech entrepreneur, who announced his support towards the virtual currencies. The richest person on the planet earth, last week on Thursday posted on twitter saying favorable comments for dogecoin, as he mentioned it to be “the people’s crypto.” This event kind of increased the trustworthiness and reliability of the crypto market as someone as successful as Elon Musk spoke for it. The response seen was really positive following this tweet in the crypto market.

A Final Word

As we reach towards the end of this article, we will again like to stress upon the claims and forecasts of several market analysts in the crypto market, which believe that due to the uptrend in the prices of BTC, the market might witness bitcoin crossing the level of $40,000 yet again very soon, which will prove to be quitter profitable for both, the daily traders as well as the long-term investors.

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