BTC price within reach of $40k
07 Jan 2021
Bitcoin reached new record highs on Thursday, edging ever closer to the $40,000 mark.
According to data from Cointelegraph Markets, Coin360 and TradingView, the world’s largest cryptocurrency by market capitalisation received another boost on Wednesday evening as protestors stormed the Capitol building in Washington D.C.
Following indications of ongoing strength in trading the day before, BTC/USD soon moved upwards to reach a fresh high of $37,800, Cointelegraph reports.
At the time of writing, Bitcoin hit the $37,000 mark, but remains 10% away from reaching the $40,000 pinnacle.
As per the most recent updates for order books, there was substantial resistance at $38,000, with heightened selling pressure at $39,500. Support became decreasingly decisive over $31,000.
In his latest YouTube update, Cointelegraph Markets analyst Michaël van de Poppe said: “It’s amazing, an amazing year.”
He went on to add that while the current price action should be championed, a “healthy correction” was becoming increasingly likely.
“Would that be bad? No, as the higher Bitcoin goes, the more money is into the markets and the more money can flow towards the altcoins from this perspective,” he continued.
Furthermore, the end of last month was exemplified by additional funds going into long-term storage, with the remaining available supply subject to what Van de Poppe refers to as “FOMOing in” from less experienced buyers, the Cointelegraph report goes on to add.
He noted that these buyers felt they should make the most of the opportunity and purchase Bitcoin at higher levels, having shown little interest when the cryptocurrency was trading at $10,000.
On Thursday, Bitcoin’s market cap dominance was at 68.5%, down from 69.7% at the beginning of the week.