Has Bitcoin (BTC) touched its support level for further growth?
Bulls keep dominating the cryptocurrency market as most of the coins are in the green zone.
BTC/USD
The rate of Bitcoin (BTC) is almost unchanged since yesterday, while it has dropped by 4.91% over the last week.
Bitcoin (BTC) may have fixed above the $40,000 mark against the declining trading volume. The falling volume means that the coin has not accumulated enough energy for a further rise. In this case, the more likely scenario for the upcoming week is consolidation in the range of $40,500-$41,000.
On the local timeframe, Bitcoin (BTC) has bounced off the zone of the most liquidity at $40,177. If the rise continues, there is a chance to see the retest of the resistance at $40,700 by the end of the day.
On the bigger chart, BTC is trading in the middle of a wide channel between the support at $32,871 and the resistance at $48,234. As mentioned before, the fixation above $40,000 is crucial for bulls in terms of further growth. In this case, one may expect a comeback to the recently formed mirror level at $44,244 next week.
Bitcoin is trading at $40,440 at press time.
