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NewsBTC 2022-05-06 01:00:17

Bitcoin Broke Above The Multi-Week Resistance; What’s Next

Bitcoin recovered on its chart over the last 24 hours as the king coin surged by 2%. Prices of the coin saw some respite after visiting the $37,000 price level. As broader markets started to recover Bitcoin’s price action moved on a north-bound journey. Currently, Bitcoin’s prices were trading in a tightly consolidated region because the coin did not manage to go past the $39,800 price mark. It is too early to say if the bulls have resurfaced completely in the market. If demand doesn’t recover considerably, then the digital asset could fall back to the $38,000 price level, which is acting as a support level for the coin. It is however a positive sign because Bitcoin has managed to break past its multi-week resistance line. If the bulls continue to exert pressure then Bitcoin over the upcoming trading sessions could manage to revisit the $40,000 price mark. Bitcoin buyers have to continue staying in the market for the coin to successfully trade on the upside. Bitcoin Price Analysis: Four-Hour Chart Bitcoin was priced at $39,100 at the time of writing. After breaking past the multi-week resistance the coin again fell from the $39,800 price level. This indicated a brief correction because the coin’s prices plunged at the time of writing. Immediate resistance for the coin stood at $40,000. A break above that price mark could push Bitcoin to run to the $44,000 price level. On the flip side, the support level...

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