For the first time since mid-June, the world’s oldest cryptocurrency broke beyond the $40,000 barrier on July 28. Bitcoin price research suggests that a bearish trend will prevail over the next 24 hours since further gains over the $45,000 resistance level were not achieved. Despite the fact that cryptocurrencies appear to be regaining upward momentum, technical indicators point to a reversal early next week.
After months of severe resistance in the area of $32,500-$36,000 at various times over the last eight weeks, Bitcoin broke free and saw a significant rally, skyrocketing and breaching the $40,000 mark early this week.
BTC/USD, on the other hand, gained traction after failing to move lower and pushed above the $41,000-$42,000 barrier level on Friday. Following that, the market rallied to $45,000, where it has since paused its climb once more. The price of Bitcoin surpassed $45,000, reaching $45,304.
The Flagship currency is currently trading at $43,853, up 0.94 percent over the previous 24 hours. It may be tough to break the $45,000 resistance on the first go, thus a short-term drop is possible.
Despite the decreased trading activity, Bitcoin (BTC) was attempting to hold above the $45,000 barrier. However, it has a slim possibility of doing so today, as the main crypto has already run out of steam.
Willy Woo has something to say on the current state of Bitcoin’s price. Take a look at his tweet below.
Popular analyst Micheal Van De Poppe is hinting towards a short-term correction for bitcoin in his latest tweet.