The cryptocurrency market is in the green as most coins are up today. This may be due to Bulls who have been selling off their positions and buying back at cheaper prices, keeping control of what’s going on with these digital currencies.
- Bitcoin: Could this be the start of a new bull run?
- Bitcoin Spikes over $42K. Are we going back to the good old days?
- Bitcoin price analysis: new levels to watch for breaks
According to Coinmarketcap’s data, Bitcoin (BTC) has been growing at a slow pace over recent days.
It is up 2.27% in the last 24 hours and it seems like there could be some sort of correction coming soon.
Bitcoin is testing again the 42k/$ threshold, on a local time frame.
In the last 24 hours, Bitcoin went above the $42K and then dropping again around from its first attempt. If this support, tested again, should fall we may see how far BTC can go around nearest support at 41.000 by end of the week.
Alternatively, the best scenario is that Bitcoin will be able to keep and consolidate the support at 42,000$.
Bitcoin has been trading in a wide range for the past several days, with no clear direction at this time between the support at $39,218 and the resistance at $42,415.
The coin has not accumulated enough energy for a further sharp move, but it’s still early in the game. If buyers can seize control and get back to around $44K before this week ends then there are chances that we may see more mid-term growth which could land us at 45k
