Cryptocurrency News

The price of bitcoin is now $ 40K. Must be at this critical level to retrieve

Bitcoin (B T c) Prices fluctuated on 25 May, erasing a small portion of the profit made during the previous session during another day of volatile trading.

The BTC / USD exchange rate fell to 6.11% after the Asia-Pacific session opened at $ 38,856. The pair met a strong resistance force near their 200-day Simple Moving Average (20-day SMA), which prompted most traders to secure their intraday profits.

As a result, bids began to fall for the BTC / USD pair as London moved into the opening session, eventually supporting at a level that was instrumental in limiting the market’s bearish trend during the previous week’s price crash.

Bitcoin attempts to establish a support level at $ 37,000. Source: Trading View

Rekt Capital, a pseudonymized cryptocurrency trader called the black horizontal line in the chart above – about $ 37,000 – a “major revisit” level, given its importance in determining bitcoin’s short-term market bias.

The analyst placed a blue arrow above the support level pointing north, stating that he expected BTC / USD to bounce back in the coming sessions.

“Bitcoin converts $ 37,000 in support in the short term,” Tweeted Rect capital. “But that area may need to be re-tested once again, given how strong yesterday’s Daily Close was still to follow the blue path.”

The statement came to light when Bitcoin continued its Whipsaw trend, logging a sudden intraday reversal of high percentage margins. Choppy price movements reflected the absence of a clear directional bias among traders, particularly as analysts weighed an equally reassuring slowdown and Rapid catalyst against each other.

Will bitcoin crash further? Differing opinion

Albright Investment Group founder Viktor Dergunov admitted that he was buying a bitcoin price drop, adding that he expected cryptocurrency to reach at least the $ 40,000- $ 42,000 area in the short term.

“Large amounts were up to $ 30K and up to about $ 30K, which we want to see at the epicenter of the improvement process,” said Dergunov. Explained In his note.

“Next, we see a rerouting attempt at around $ 31K, but the volume is significantly weaker during the early fall.”

Offsetting Dergunov’s fast opinion was a portfolio management and analytics firm, Income Generator. It said that there is a risk facing the bitcoin market “Worst Crypto Winter“Over its twelve-year lifetime, citing the US dollar’s rapid response to rising inflation data, which may have dampened investors’ appetite for cryptocurrency.”

“Now it seems that rising inflation levels may actually work in the opposite direction and bring fresh buying activity back to the US dollar,” the income generator said in a note.

Meanwhile, Bloomberg Intelligence senior commodity strategist Mike McGlone, Repeated his Bullish Stance On bitcoin, given that he still sees the BTC / USD exchange rate to reach $ 100,000 on the prospects of a falling supply rate.

“Bitcoin has support for reasons that support an expanding bull market and $ 100K path,” he said.

“Slightly warmer in April, a primary factor cited for the improvement of crypto – excessive energy use – represents the strength and greenery of the world’s largest decentralized network.”

With “greenery”, McGlone cited Elon Musk’s proposal to create a mining council in North America that could track and subsidize bitcoin’s carbon emissions.

Was the CEO of Tesla Assistant Reduced bitcoin prices from $ 59,000 to $ 30,000 in the last few weeks. He criticized cryptocurrency for this Potential environmental impact And stopped accepting it as payment for Tesla’s electric vehicles.