Bitcoin is currently worth over $40,000, up more than 20% from its lows in late January. Despite the rally, the crypto community, analysts and others believe the bottom is still a long way off. Meanwhile, BTC has started to recover from a secular seven-year uptrend line.
BTC/USD traded in a range of $39,474.40 to $41,750.56 in the past 24 hours, showing high volatility.
The overall market value is around $791 billion, while the trading volume increased by 9.57% to $27.4 billion. Bitcoin price action is stagnating on the 4-hour chart today as the $42,000 mark acts as resistance.
Bitcoin (BTC) is showing strength, according to a well-respected crypto expert, but it needs to reverse specific levels to sustain its recent nearly 10% rally.
Van de Poppe tells his YouTube subscribers (Now deleted) that BTC is still carving out a comfortable range in a video update. He says we hit the true low around $36.4000 and as a result we bounced back to near $38000. This indicates that the token is still building a range.
BTC is still finding resistance
Despite the fact that Bitcoin markets have seen favorable price action over the past 24 hours, Van de Poppe believes that BTC is still facing resistance at current levels.
He says that although there is a nice bounce, but the volume is still low, which indicates that we are not seeing all the strength we need.
However, if we go over $38.8,000, I think $41.5,000 is next. As a result, this critical circuit breaker [$38.8k] is always the one to watch.
We also have this one at $38.2,000 which we are using as support, but it may now encounter resistance,” he added.
According to Van de Poppe, Bitcoin falling back below $36,000 is still a possibility, but such a drop would create bullish divergence for the world’s most valuable cryptocurrency.
