Bitcoin has returned to the $40,000 levels as it bounced back from the high area of around $30,000. The first crypto by market cap managed to hold off the bears and retraced some of this week’s losses.
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At the time of writing, BTC’s price trades at $40,200 with a 3% profit in the last 24-hours.
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview
The general sentiment in the market seems pessimistic as Bitcoin remains rangebound in higher timeframes. The cryptocurrency has been trading in the $30,000s to the $60,000s area, and in a tighter range over the past months.
Unable to break above local resistance, located at $45,000 and $48,000, market participants seem to have lost conviction over short-term appreciation unless BTC’s price can break above those levels.
According to a recent market update posted by Material Indicators (MI), in the current BTC’s price range, the area between $36,500 and $40,500 is the most critical. ..
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