Bitcoin (BTC) surged to its all-time high on January 7 and approached $ 40,000.
BTC price reaches $ 37,800.
Data from Cointelegraph, Coin360, and TradingView showed bitcoin gained renewed momentum on Wednesday when protesters stormed the Capitol building in Washington, D.C.
After showing signs of continued gains during the previous day’s trading, BTC / USD suddenly turned north and reached its recent high of $ 37,800.
As of Thursday’s posting, the subsequent correction sent the pair to the $ 37,000 mark, with Bitcoin within 10% of the $ 40,000 mark.
According to the most recent order data updates, significant resistance was expected at $ 38,000, with further selling pressure from $ 39,500. The support was less important, over $ 31,000.
BTC / USDT heatmap request (Binance). Source: material indicators.
“This is a fantastic year, fantastic,” said Michael Van de Pope, analyst at Cointelegraph Markets, in his latest YouTube update.
He added that while the current price action is worth noting, a “health correction” is now more likely.
No, the higher the value of bitcoins, the more money will enter the market and the more money can go into alternative currencies from this point of view.
Altcoins still stole the show
As Cointelegraph reports, the end of December was marked by a lot of funds coming into long-term storage, while the remaining availability depended on what Van de Pope and others called “FOMOing in” less experienced buyers.
He noted that they believe they should seize the opportunity and buy bitcoin at higher levels as they were not interested in doing so while bitcoin was trading at $ 10,000.
Compared to major cryptocurrencies, Ether (ETH) rose 2.3% on the day to reach $ 1,180, while the beleaguered XRP took an unexpected step by adding 27%.
Meanwhile, Stellar (XLM) continued its gains, fixing $ 0.34 on the back of over 170% weekly yield.
Bitcoin dominance reached a market value of 68.5% on Thursday, up from 69.7% at the start of the week.