Bitcoin crosses the $40k price level for the first time in two weeks. It seems the crypto market is recovering from the recent slump. Statistics show that flagship currency has liquidated $50 million in shorts positions.
The Crypto market has been in a bearish cycle for more than two months now. After flagship currency went below the $40k price level, many feared that it might be over for the currency. A lot of rumors and FUD were present in the market during this period. With the start of the second month of 2022, the crypto market seems to be recovering. Bitcoin crosses the $40k price level for the first time in two weeks, according to CoinMarketCap.
Bitcoin crosses $40k price level:
Bitcoin crosses a major resistance level at $40k, reaching the price of $40,335 per unit. According to the statistics from CoinMarketCap, the primary currency is up almost 10% in the last 24h. Statistics also show that BTC has liquidated $50 million in the short position. What can be the reason for this recovery? Will this bullish run of the BTC continue in the coming days?
Many analysts believe that the volatility of the stock is what pushing the price of Bitcoin. In this bullish run, BTC is not alone, major altcoins like ETH, ADA, SOL, and MATIC are also gaining a lot. The next resistance level for the BTC is between 42000 and 43000. It is yet to be whether BTC continues its journey or not.
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