Bitcoin Bulls Drive Price To $38,000 Despite Increased Selling Pressure

Bitcoin bulls are not slowing down towards their plan to retake the digital asset’s peak, $40,000. Their recent activity influences the new surges the crypto currently shows, even after the long correction period. Bitcoin’s correction period caused an increased selling pressure, which reports say still exists as the asset sees new highs.

The asset might now encounter significant resistance from the $40,000 mark, with a rejection leading to lower prices. Looking at charts, the asset will face some other resistance points around the $42,000, $44,000 and $46,000 marks, while support holds around $ 28,000, $26,000 and $24,000. The asset is currently utilizing the bull market to record new gains before other factors come into play.

Bulls gain market control

The past few weeks, the bears prevented the asset from recording a long-term high, with an increased volatility rate and dropping prices. The digital currency dropped to the $28,000 mark before it recovered sharply. If the crypto had not recovered, it could have dropped beneath its closest support. Bitcoin broke through its 9-day and 21-day moving averages and currently enjoys the new gains.

The charts show that BTC peaked at slightly above $37,000, hinting at resistance around that point. Fortunately, Bitcoin investors would likely record new profits as bulls takeover the market. Presently, the currency trades around $37,000, having surged from the earlier $35,000.

The buyers are now gaining dominance, with the upper boundary’s breaking bring a new buying pressure above the $40,000 mark. On the flip side, if the asset moves below the boundary, the asset’s price might crumble to its nearest support being $28,000. The digital asset took $33,000 at a point on the 4-hour charts, signaling some bearish activities working towards dragging the price down. Stronger control from market bulls would help the asset sustain above $36,000.

Bitcoin to retake $40,000

Strong indicators show that if the bullish trend continues, the asset will take an upward movement, hitting and exceeding the peak. Ethereum sees a similar trend as its prices increases and might likely take the $1,500 mark. Many assets are recording higher prices recently, meaning that sellers are easing their sell-offs.

But recently, the sector records higher demands for popular cryptos such as Bitcoin and Ethereum. Many websites now promote digital asset investments, with Reddit accommodating the community members. The social platform also launched its tokens, showing that mainstream companies are warming up to the assets.

While these assets are very volatile, many people are rushing into them to enjoy quicker returns. Most traditional investments are not as risky as cryptocurrency investments, and most don’t give as many returns as the assets assure. Dogecoin is another digital asset causing some major waves on social media.

The asset, which recently rose by 420% within some hours, would likely attract investors who want cheaper assets but with some higher returns. The altcoins season might eventually emerge with investors paying more attention to the smaller coins because they hold lesser risks and eventually record impressive new highs. There are new indications that the lower percentage rate on loans could drive investors into moving to more profitable investments like digital assets.

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