The cops have taken full control of Bitcoin price and sent the cryptocurrency to $ 40,000 a few hours ago before meeting resistance.
The price has fallen slightly since then, but it still looks strong and could continue to rise in the near future.
Any regression seems to add further momentum to the market, which is a sign that the bulls are in full control of the medium-term trend
Where the market goes next will no doubt depend on whether the bulls can prevent a deeper decline.
One analyst notes that Bitcoin could soon break $ 50,000 in what he calls the first serious barrier before the coin makes a run towards $ 100,000.
Bitcoin and the entire crypto market have moved significantly higher today, with the bulls taking full control of the market as they continue to build on the momentum seen over the past few weeks.
The price action seen today certainly speaks to the overwhelming force that bulls have over the market right now. Whether or not it can be sustained will provide important insights into what stage this rally is at.
One trader expects an increase to $ 100,000 in the relatively near future and notes that a break above $ 50,000 could accelerate this rally significantly.
Bitcoin rises to $ 40,000, receives rejection
At the time of writing, Bitcoin is trading just over 6% up at a current price of $ 39,600, a slight decrease from the daily highs of $ 40,000.
After these highs were reached, the price of the cryptocurrency fell in a sudden drop to $ 36,000, which was immediately absorbed by buyers. The crypto currency was then able to recover to its current price level.
This volatility is normal in these market conditions – and you should expect it when buying bitcoins in the coming weeks and months.
Analyst: Bitcoin could quickly hit $ 100,000 per BTC
A trader now writes in a tweet that he is closely watching whether Bitcoin can break out above $ 50,000, as this is the last major psychological barrier before $ 100,000.
So a breakout above this level could result in an accelerated rally towards $ 100,000.
“I closed the $ BTC charts when we went over 20k. I see no reason to keep watching. The first psychological resistance is $ 50k and if we break that it will be $ 100k in a few weeks. No reason for complication. „
The coming days should pay attention to shed light where the market tends next, since the current volatility of Bitcoin (For Bitcoin buy instructions) could help to determine the medium-term trend.