News

Bitcoin just passed $40,000 after falling to $30,000 earlier this week. The cryptocurrency rocketed past this key support level in a rally on Thursday morning, eclipsing short-term price targets by many analysts.

Bitcoin is up over 14% in the past 24 hours, having bottomed at $30,000 earlier this week to rebound to $33,000, then now to $40,000.

The cryptocurrency is outperforming altcoins from the lows as capital once again focuses on BTC.

The rally in the BTC price comes after Grayscale Investments, the New York-based digital asset fund manager for institutional players, has reopened its institutional trusts for the crypto markets. Many believe that this has resulted in fresh inflows into the Bitcoin market, hence the ongoing recovery.

Related Reading: Wall Street Veteran Kickstarts Own BTC Fund With $25m Investment

Bitcoin Not Out of the Woods Just Yet?

Analysts say that Bitcoin could face a correction from here. The trader that predicted 2018’s Bitcoin bottom price to 1.5% accuracy nearly six months in advance recently told his followers that the ongoing rally seems corrective:

“ok, im out of #btc longs here now aswell, this move up feels corrective, whether it be part of a larger consolidation or a B wave up before another nuke down to 28k im not sure, but im happy to take profit here and watch from the sides for a little while.”

Analysts are overall confident, though, that the macro trend remains bullish for Bitcoin.

Related Reading: 3 BTC On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
Bitcoin Just Passed $40,000: Here's What Investors Are Saying

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
TA: Ethereum Lacks Momentum Above $1,350, Why ETH Could Correct To $1,180
Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown
As Bitcoin price sees sub-$30K, do bears control the BTC market now?
Crypto ETF Race Heats Up in 2021- Valkyrie Bitcoin Trust Files to List Shares on NYSE
Bitcoin and How Crypto will Transform the Financial World

Leave a Reply

Your email address will not be published. Required fields are marked *