Bitcoin Breaks Key Resistance, Surging To $40,000: Price Analysis

Bitcoin breaks key resistance and it surged to $40,000 with the fear of missing out hitting its peak as the price increases again so let’s read more today in our latest Bitcoin news.

The cryptocurrency started a rough weekend at around $39,000 after a one-day spike shortly noticed a $400,000 return to fame one day ago as now Bitcoin breaks key resistance level again. After a high day of volatility, BTC remained calm and traded as high as $40,330 over at Bitstamp with more signs that the market could be stabilizing for good this time around with some more news coming out from TradingView showing calmer situations that are going forward into the Sunday morning session.

The fakeout phenomenon played out on the market and as a result, the volume was much thinner than usual over the weekend. The Geopolitical turmoil in Ukraine and Russia created an atmosphere of caution amidst issues that could deliver contemporary instability on Monday. This week, the Crypto Fear and Greed Index reached a new low and remained in the 26/100 concern zone. The Russia-Ukraine war caused a stir on the crypto market with many traders worrying about how it could affect BTC prices however as of now, there seems to be some room to breathe. We can see that the long-term bears were victorious after their low at $34,300 was set versus February’s Dip down into the psychological territory with trading volume suggesting an opportunity that could exist again much sooner.

The bear market could be over for now and in an interview with Rekt Capital, the February’s coming down from $45,000 will end up being a vital consolidation period where most traders could try and get back into buying mode before things go south. The end of the week saw a recovery for both the US and the EU and macro markets even showed some stability after the turmoil on the Asia Pacific caused by China’s economic data announcement. The US dollar surged in power as the hostilities started increasing and most of the properties with the USD Forex Index returned after hitting a new high of around 97.7%.

The entire crypto market seemed to be in a good place and with leading coins led by Terra increasing about 50% over the past week but late beneficial properties are still talking part in out like XRP as the coin was 10.3% higher in the past 24 hours. Ether is on the move as well and traded above $2750 again with 5.6% growth each day. Seeking valuable territory above $3000 for sure this time.

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• Source: https://www.dcforecasts.com/bitcoin-news/bitcoin-breaks-key-resistance-surging-to-40000-price-analysis/