Is Bitcoin Breakout Nearing after a price plunge to $40k?

Bitcoin is having bad days after China’s Ban on all cryptocurrency activities in China however the price is gaining strength above $42,000 and Bitcoin Breakout is very likely to happen. The chart has turned interesting and it’s accumulating value here.

The live Bitcoin price today is $43,331.25 USD with a 24-hour trading volume of $30,835,523,950. Bitcoin is up 1.74% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $815,790,932,665 USD. It has a circulating supply of 18,826,850 BTC coins and a max. supply of 21,000,000 BTC coins.

bitcoin breakout

Bitcoin Breakout: Technical

We previously predicted the Price movement up and the target was pretty much achieved but the very moment, news broke that China has Banned all sort of cryptocurrency activities. The FUD threw the price to the bottoms of $40,000.

Currently we have the native support around $42921 and the resistance is below $43500 area. RSI is normal and ranging 60 above. If the price breaks above the falling trendline, the next resistance area should be around $54113. There is weekend ahead and if there is more value and green candles, we can see weekly candle closing green however odds are against.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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