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.
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.
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.
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.