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.