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BTC Now Above $38K But -44.39% From ATH, Will It Cross $40K Resistance?

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BTC is now above $38K and is holding above $38K for past 12 hours.


BTC faces a very strong resistance at $40K. With few positive news coming this week, it is highly likely that BTC will be above $40K. However, bears are hard to defeat at this time. BTC is on the move as its price has increased 7.20% in past 7 days and at time of writing it is trading for $38,065 recovering from lows of $35,000. BTC past 24 hours trading volume is over $17 Billion. BTC price is down now -44.39% from ATH of $68,789.63

BTC dominance on the other hand is decreasing from 44.11% to 41.6% since October 2021. Bitcoin Fear and Greed Index is now on 29, which is “fear” instead of “extreme fear” a few days ago.

Daily RSI shows BTC is oversold in the market and is currently trying to break above the 30% level. BTC will be in accumulation zone, which will show a short term price hike.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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