Bitcoin price rally to $37,850, signals that bulls intend to reclaim $40K

Bitcoin price rally to $37,850, signals that bulls intend to reclaim $40K


Bitcoin (BTC) price broke through the $35,000 resistance and appears to be stepping into a new range that would see the price trade between $38,000 to $40,000. Today’s recovery from the $34,000 level also appers to have invalidated what looked to be a bearish head and shoulders pattern forming on the 4-hour timeframe. 

BTC/USDT 4-hour chart. Source: TradingView

Reclaiming the $36,000 level as support may also assist with squashing the infantile narrative that Bitcoin price was entering a new bear market after this week’s 26.5% plunge shaved off $200 billion from the total cryptocurrency market capitalization.

Trending: President Trump Has A New Slogan!

Despite this plunge, financial advisers continue to develop a more positive outlook on the top cryptocurrency as well as the growing DeFi sector.

Daily cryptocurrency market performance. Source: Coin360

The recent announcement from the Office of the Comptroller of the Currency (OCC) allowing banks to transact and custody stablecoins is being interpreted as a green light by the sector as a whole.

Proof

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend