The bulls still have a lot of work cut out to do in the short term to get the market moving in an upwards direction. Nevertheless, the price downturn on the daily bar chart has already come to a halt rebounding before a retracement halfway holding above $39,000 which appears a promising first move for bulls.
Bitcoin chart analysis
Crypto trading analyst Michael van de Poppe also noted the crucial barrier at this stage for Bitcoin in the short term. Regarding the barrier of around $39,600, Poppe stated: In terms of the downturn on the daily, he highlighted the sweep of the recent low around $37,616 which was followed by an immediate climb back up. Presently, Bitcoin is trading at $39,195, up 0.77% on the day and down 0.07% in the last week. The flagship digital asset has a total market worth of $747 billion with 41.9% overall dominance of the crypto market, according to CoinMarketCap data. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
