Michael van de Poppe, an analyst, was recently heard asking for a positive correction for Bitcoin price as the sellers have been persistently digging to bring up the mark of $40,000.
On 7th January 2021, Thursday, BTC has successfully managed to reach another new all-time high. Remarkably, this record high is a small distance off the $40K level.
Bitcoin Price Inches Closer To $40K
TradingView and Coin360 have gathered their data and recently reported that the Bitcoin price has received another massive boost within a few hours on 6th January 2021, Wednesday. Meanwhile, protestors have been raiding inside the Capitol which is situated at the heart of Washington DC.
On 5th January 2021, Tuesday, BTC/USD had shown tremendous strength of continuing their rally upwards with an exponential pace. Nonetheless, it was very surprising to see Bitcoin’s price shot northwards in a sharp manner and touched $37,800, which is a fresh record high.
On Thursday, within the press moment, BTC experienced a few retracements. As a result, BTC receded back to the level of $37,000. However, BTC was still 10% away from reaching the mark of $40,000.
The most recent updates on BTC suggested there is some major resistance that is awaiting in the path of BTC to hit $38,000. This might be the selling pressure that is building up prior to $39,500. The support was not so certain above the $31,000 mark.
Poppe has further stated that this has been a great year in one of his recent YouTube videos. He added the reason for the celebrations for Bitcoin price is more certain now than ever.
Similarly, other altcoins have also been performing spectacularly.
