Bitcoin (BTC) Price Aims At The $40,000 Breakout

As per Michael van, BTC is expected to reach $40k this day or maybe tomorrow, introducing the door to reaching a much higher price near $46k or higher.

On the 24th of July 2021, BTC reached $34k as the recent resistance flip held, propelling the overall market to shot up. BTC is currently battling at $39,000.

As per the provided data from TradingView and Cointelegraph Markets Pro, Bitcoin/USDollar briefly reached $34k over on Bitstamp this Saturday and ultimately falling down to hover about $200 lower than the initial.

Traders profited over the last 24 hours as BTC shot up initially from sitting at $37k to reaching $39.7k, with a total 4 percent gain at the current period of reporting.

Such behavior is unsurprising despite the immense cash position inside which Bitcoin/USDollar is presently operating. The record high that Bitcoin has reached from February of the current year is at the point at $42k, which still is domain recent high price that was followed by a sell-off and a clear indication of a boundary line drawn for even a clear bull market continuance.

At the same time, a renowned analyst and trader, Rekt Capital, noted ongoing adjustments with fifty-week EMA mostly as a hint of longer-term bullishness resurfacing after a long period of the unsavory market.

On some of the more pessimistic side, Cointelegraph noted, $24k predictions persist if BTC falls rather than moving up with its price, as one trader cited a CME futures gap as close proximity probable support for the cryptocurrency.

We can look at the support between $22,000 and 24,000 marks if the price falls down the present support level, according to a Decentralized trader trading suite says. n Friday when it published a new market-related update.

The confirming breakout of Ethereum

At the same time, altcoins reduced the speed of their upward moving trend but still maintained an excellent performance throughout the week.

Several of the best 50 digital currencies, according to their respected market capitalization, experienced weekly gains of ten percent or even more, which indicates that the confidence was surely returning to the industry.

The biggest digital currency after Bitcoin, ETH, experienced its trading rate moving over the $2k mark, reaching a 10-day record high. According to the Rekt Capital regarding the Ether/USDollar performance, the ongoing progress has been excellent towards verifying a breakthrough here.