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Does Bitcoin (BTC) Have Enough Power To Reach $ 40,000? Analyst Announced

Does Bitcoin (BTC) Have Enough Power To Reach $ 40,000? Analyst Announced

The bullish mood continues in the crypto money market . However, there are some exceptions to this beautiful look. Mainly, Polkadot (DOT) and Chainlink (LINK) are in the red zone, down 2.59% and 0.65% respectively.

As altcoins grow faster than Bitcoin (BTC), the market share of the leading cryptocurrency continues to decline and now stands at 65.2%.

BTC / USD: Is The Accumulation Period Ending?

Yesterday, buyers’ attempts to gain a place above the hourly EMA55 were repeated, and they managed to stay above the average price level at the end of the day, according to analyst Denys Serhiichuk. A level around the daily maximum of $ 37,450 was recorded.

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In the hourly time frame, the $ 37,300 level can be distinguished , which is currently preventing the Bitcoin (BTC) price from recovering. Today, if the nearly $ 36,000 line operates as a support, recovery could continue with the $ 40,000 resistance.

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In the 4-hour time frame, Bitcoin (BTC) is heading towards local resistance from $ 38,600. The leading cryptocurrency has accumulated enough energy to reach this level, but does not yet have enough power to set the new peak.

The low trading volume confirms this.

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The bullish price movement is also on the daily chart with a target of $ 42,000. However, the trade volume should increase if the bulls want to reach this level. The same is true for liquidity, which is low at current levels.Bitcoin was trading at $ 37,500 at the time of writing.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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