Crypto Currency News

Bitcoin Price Hit $ 40,000 Resistance, Dropping 7%

Despite the downturn, specialists estimate a recovery in the short term.

Bitcoin (BTC) fell again . The leading crypto currency fails to become strong enough to break the $ 40K barrier and underwent a further correction that brought its price below $ 37,000. As of press time , the price of BTC is $ 36,898 .

Specialists warn that strong resistance could lead to a further massive decline , but there is also encouraging data on the latest movements that starred the market.

According to the latest report from analytics firm Chainalysis, BTC whales took advantage of the latest market crash to boost their wallets. Approximately $ 3 billion (77 thousand BTC ) was absorbed by large investors , so the market still has considerable bullish sentiment.

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Crypto analyst Will Clemente maintains that the market has shown positive signals this week . “I would hope that the full recovery will occur sooner rather than later,” he said in the newsletter by Anthony Pompliano. According to Clemente, there are some key points to keep in mind.

First, Clemente explained that there is “a clear rotation of supply from short-term headlines to long-term headlines . ” In addition, he explained that currency flows have stopped being bearish to show net outflows, while accumulation processes have been reactivated .

On the other hand, the expert week that new entities ( mostly retailers ) are entering the market after the fall , possibly attracted by lower prices. Finally, he stressed that the miners “are not accumulating as much as they have done lately . ”

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Regarding the immediate future of the price of BTC , Clemente pointed out that the resistances (in case BTC exceeds USD 40,000) are at USD 47,750 , USD 50K and USD 53K . “In terms of support, the strongest zones are USD 30K of course, but then USD 20K. If $ 30,000 breaks, I would see $ 20,000 as the next likely support level, based on the price and volume structure, ” added the analyst.

The altcoins market registered heavy losses in the hpy session , which reached double figures in some cases. Ether ( ETH ) lost more than 7% and is currently trading just above $ 2,570. Dogecoin ( DOGE ) fell by 6%, and its price is $ 0.31.

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The steepest drops were for binance coin ( BNB ), internet computer (ICP), chainlink (LINK) and litecoin (LTC), down about 11%. As of press time, the tokens are respectively trading at $ 336, $ 119, $ 29.81, and $ 179.

Lastly, cardano ( ADA ), XRP and bitcoin cash ( BCH ) fell by more than 9% and their price hovers around $ 1.55, $ 0.91 and $ 704.

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