Bitcoin Goes Past $40,000 Again And Here’s What Investors Think

Bitcoin goes past $40,000 again after falling to $30,000 earlier this week and surpassed key support level in a rally eclipsing the short-term price targets by many analysts so let’s take a closer look at the Bitcoin price news today.

BTC is up by over 14% in the past 24hours as it bottomed to $30,000 earlier this week which later rebounded to $33,000 but now hit $40,000. The cryptocurrency outperformed most other altcoins as the entire capital is once more focused on BTC.
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The rally in the BTC price comes right after the Grayscale Investments asset fund manager reopened is institutional trusts for the crypto markets and many think that this resulted in a fresh inflow of cash into BTC which is where the recovery comes from.

Analysts said that BTC could face a strong correction form here and one trader predicted even that 2018’s BTC bottom price to 1.5% accuracy about six months in advance and told his followers that the rally seems corrective:

 “ok, im out of #btc longs here now aswell, this move up feels corrective, whether it be part of a larger consolidation or a B wave up before another nuke down to 28k im not sure, but im happy to take profit here and watch from the sides for a little while.”

Analysts are confident however but the macro trend remains bullish for BTC. As recently reported, Many traders agreed that the pair will continue lower and will form a head and shoulders pattern which is a bearish reversal structure. The pattern’s technical downside target is below $20,000 which is a move that will take BTC down by more than 50% from the record high of $42,000 that was established back at the beginning of January. Other bearish indicators come from the macroeconomic landscape and the US growth prospects challenged opinions about a longer US dollar bear market. After finishing 2020 down by about 6% the dollar recovered by 1.2% in the first week of this year which forced analysts to rethink their long-term bearish bias.

A day ago, The BTC daily MACD turns red for the first time since bitcoin hit $20,000, recording its biggest red candle in history. Bitcoin started off the year with a sharpest weekly advance and took the asset from $30K to $40K and this number is actually more than double of its former peak since the breakout from $10,000.