Bulls continue to dominate the cryptocurrency market, with the majority of coins trading in the green. Bitcoin (BTC) has not performed as well as the majority of altcoins, increasing by only 0.73 percent in the last 24 hours. On Bitstamp, bitcoin touched $42,220, its highest level since April 11 yesterday.
According to Michael van de Poppe, the BTC\USD pair was now on course for “interesting” behavior after rising as much as 9.3% versus local lows from April 18.
“Things get interesting at $42K,” he told Twitter followers.
Van de Poppe cited the weakening of the US dollar as a positive factor in BTC price performance. Despite the recovery to the significant $42,000 milestone, there was a lot of volatility, as some people doubted that Bitcoin’s advances would continue.
However, for popular trader Josh Rager, the drop to $38,600 on April 18 and subsequent recovery was a trend to watch.
“Yesterday caught a lot of people off guard, though it wasn’t as deep of a pullback as prior. Could still see Bitcoin push up here over the next week — take it day by day.”
Price-performance after wicks down to support was noted in an accompanying chart through 2022. The aim this time was about $48,000, which is where Bitcoin’s 200-day moving average is located.
What’s Next for BTC Price?
Bitcoin couldn’t get above $42,000 on the local time frame in the first attempt. If the downward trend continues, the leading cryptocurrency’s price might conclude the day at $41,211, the nearest support level.
BTC is currently on the slide following a failed attempt to fix at the $42,000 range. If the sellers’ pressure persists, a test of the nearest level at $40,869 is possible during the following several days.
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Source: https://coinpedia.org/bitcoin/why-42k-is-crucial-for-bitcoin-btc-price/