Bitcoin Breaks Out Of $39K Idle Trend, But What Does $40K Hold?

Bitcoin keeps fluttering in and out of the $40,000 price level. Keeping count of these breaks above $40K, there have now been a total of five since the year started. It is one thing to break above an important resistance level but it is another to hold above it, forming strong support. The latter has proven elusive for the digital asset, giving rise to the question of whether the cryptocurrency will actually be able to hold above it this time around. Bitcoin Ends Idle Streak Bitcoin has been on an idle streak since it last failed to hold above $40K. After breaking above the coveted resistance point, it once again failed to prove that it could form support. It had then declined to the $38K level. This point has always formed strong support at this level, so as expected, it had been the stopping point for the decline. Related Reading | Bitmain Rolls Out More Powerful And Energy-Efficient Bitcoin Mining Rig To Date For the past week, the consolidation range for the cryptocurrency had grown tighter with the digital asset trading around the $39,000 level. It still maintained low momentum throughout the time, indicating that even if there was a recovery trend, it would not be significant in any regard. BTC recovers above $40K again | Source: BTCUSD on TradingView.com Bitcoin has continued to drag the market around with it though. Correlation with coins like Ethereum has remained on the high side. Uncertainty about where th...