Bitcoin price rebounded as optimism surged above $40,000 and the potential higher, testing new resistance at $38,000 on Jan. For details cryptocoin.com keep reading.
The next $40,000 test for Bitcoin price?
Data from TradingView shows that Bitcoin is continuing the recovery that started on Monday. At the time of writing, BTC has made two breakthroughs at $38,000, which remains just below this level amid further direction clues. For popular crypto analyst Michaël van de Poppe, as the groundwork was laid for a potential exit from the $30,000-40,000 corridor, the signs were encouraging:
Bitcoin price held $36,000 and has already tested $38,000. If this is retested, we will likely break out and potentially test $40.7k.
Trader, analyst, and podcast host Scott Melker, known as “Wolf Of All Streets,” has been almost bullish in short time frames. As part of his latest Twitter update, he commented, “Target $39,600 is the main resistance ‘coincidentally’ on higher timeframes as you know,” noting a cup and handle pattern on the hourly chart. He added that while the general trend is for Bitcoin to continue falling, $39,600 remains a challenging zone.
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