Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum?

Bitcoin (BTC) reached an all-time high of $68,788 per coin on November 10, 2021.

Since then, the world’s most sought-after cryptocurrency has experienced extraordinary volatility, and the market has appeared reactive and fragile, with the Fear & Greed Index indicating a high level of doubt and uncertainty.

Since January 5, the price of BTC has fluctuated between $35,000 and $45,000, a relatively narrow range considering the currency’s track record of fluctuation.

As a result, this could be the start of a long-awaited period of stabilization for the market’s top digital asset.

Bitcoin Yet To Regain Previous High

The flagship cryptocurrency has yet to reclaim its 2022 high of $47,800, which it achieved on January 1 and 2 — approximately three weeks before plunging to $33,183.

While Bitcoin has flirted with the $40,000 mark on several occasions this year, those growth spurts have yet to prove viable.

However, it has rallied once more this week. According to CoinMarketCap, Bitcoin gained approximately 6.65% in the last seven days and was trading at $41,770 at the time of this writing, surpassing the $40,000 mark on Friday. Other coins have also increased in value during the last few days.

Pullback To Support Levels Seen

Bitcoin’s price is edging closer to its upward limit following an almost week-long slow strut-up. As a result of the presence of many obstacles, a pullback to stable support levels for BTC is anticipated.

Bitcoin’s price is encountering numerous resistance points as it approaches the $45,000 local high. A retest of the bearish breaker zone between $42,866 and $43,754 is expected to result in a downturn to $38,887 and below.