After an impressive rebound following the retest of the $30K area on Sunday, bitcoin reached $40K earlier today. However, over the past hours, the primary cryptocurrency is losing momentum.
The question is whether this huge $10K recovery will turn into a “dead-cat bounce,” or bitcoin will able to penetrate through the heavy resistance zone of $40-42K?
The good news is that, as of now, bitcoin’s price is still up by a total of 18% from Sunday’s low.
Quick recap: The primary cryptocurrency dipped as low as $31,100 on Sunday but managed to close the daily candle at support around $34,760 (downside 1.414 Fib Extension).
From there, BTC rebounded almost 15% yesterday to reach a high of $39,960 on Bitstamp. This allowed it to break toward the upside of a descending price channel, as mentioned here yesterday, which could act as the first signal that a short-term recovery is on the table.
Additionally, it seems that the bullish “W” formation with the double bottom around the $30-$
Źródło: https://cryptopotato.com/bitcoin-price-analysis-btc-fails-at-40k-is-the-bullish-correction-over/
