Bitcoin (BTC) is heading its recovery towards USD 40K again. The leading cryptocurrency grew more than 3% in the last hours and surpassed $ 39,000, almost 24 hours after hitting lows below 38,000. At the close of this note, the price of BTC is $ 39,373.
The new jump of BTC is consistent with the analysis that the specialists published after the setback yesterday. Despite the partial drop in price, daily trading volumes hadn’t changed, and $ 38,000 was starting to strengthen as new support. From there, BTC hopes to break above $ 40K once and for all without a subsequent bounce.
Specialists suggested in the last hours that BTC should break above $ 38,500 to face the barrier of $ 39,400, where it is right now. Surpassing that level again, could give you the strength necessary for a new ten jump. Failure to do so, however, would not jeopardize the support set at $ 38K.
Despite widespread optimism at current levels, experts are leading to a selloff that drives the price down. In that case, $ 37.3 stands out as the first sub-support to resist. Then comes $ 36.4.
In the last hours, the eyes of the entire ecosystem have been on the United States and on the controversy that revolves around market regulation. The Securities and Exchange Commission (SEC) has not yet defined a way forward, but its president Gary Gensler recognized the importance of forming a regulatory framework that protects investors.
In addition, financial firm Grayscale is slowly pushing the body to accelerate its decision on the approval of exchange-traded Bitcoin funds (ETFs); now, they have hired an expert on the matter and have almost everything ready for the go-ahead.
The rest of the market had important jumps this morning. Ether (ETH), the leading altcoin, was up 7% and was the asset that stood out the most. At the close of this note, the price of ETH is $ 2,673.
On the other hand, Binance coin (BNB) and litecoin (LTC) gained 3% and are trading respectively at USD 332 and USD 142. Cardano (ADA), XRP and Bitcoin cash (BCH) are up more than 2% and their price is of USD 1.37, USD 0.72 and USD 543. Dogecoin (DOGE) grew just 1% and continues at USD 0.19.