Bitcoin is unlikely to attack $ 40 in the near future

Bitcoin is unlikely to attack $ 40 in the near future

In the Bitcoin market, it currently looks relatively stable and therefore no high volatility can be expected.


1 Feb 2021 , 13:31 @ CRYPTOSCARFACE

Bitcoin is unlikely to attack $ 40 in the near future

In the Bitcoin market, it currently looks relatively stable and therefore no high volatility can be expected.

Tomorrow will be exactly a month that Bitcoin exceeded $ 30K for the first time and entered this price range. During this month, we witnessed several significant movements and Bitcoin has shown which price levels are serious.

One of the most important price levels is currently the $ 28K – $ 30K range, which works great as a support and Bitcoin has found a strong base here. On the other hand, there’s $ 40K, which the bears guard perfectly and don’t give Bitcoin here a big chance.

The functionality of these two price levels has kept Bitcoin in this corridor for a whole month, and it seems that this is where BTC could operate for a longer period of time.

What does technical analysis say?

  • Key support in the area of ​​$ 28K – $ 30K
  • Another confirmed support at $ 22.5K
  • 2. Key support at $ 19.5K
  • Strong resistance at $ 40K
  • Short – term resistance at $ 35K

Read also: CME reports increased short contracts on Bitcoin futures from large investment companies

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