{"id":486181,"date":"2022-03-16T17:00:18","date_gmt":"2022-03-16T17:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=486181"},"modified":"2024-06-11T14:18:27","modified_gmt":"2024-06-11T14:18:27","slug":"bitcoin-breaks-out-of-39k-idle-trend-but-what-does-40k-hold","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-breaks-out-of-39k-idle-trend-but-what-does-40k-hold\/","title":{"rendered":"Bitcoin Breaks Out Of $39K Idle Trend, But What Does $40K Hold?"},"content":{"rendered":"

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.<\/p>\n

Bitcoin Ends Idle Streak<\/h2>\n

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.<\/p>\n

Related Reading |\u00a0Bitmain Rolls Out More Powerful And Energy-Efficient Bitcoin Mining Rig To Date<\/a><\/strong><\/em><\/p>\n

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.<\/p>\n

\"Bitcoin<\/p>\n

BTC recovers above $40K again | Source: BTCUSD on TradingView.com<\/a><\/p>\n

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 the digital asset goes from here has translated to trading volume. But with the opening of the midweek trading market, the cryptocurrency has picked up some momentum.<\/p>\n

Fifth Time Is The Charm?<\/h2>\n

Once again, bitcoin has broken out above $40,000. This point which continues to be a hard-to-conquer level remains the most obvious obstacle for the digital asset. The $40,000 to $44,000 is the obvious culprit. Bears tend to mount their resistance at these junctions because breaking out towards $46,000 would put bitcoin on another bull trend.<\/p>\n

Related Reading |\u00a0Bitcoin Worth $1.2B Left Coinbase In Sign Of Continuous Institutional Adoption<\/a><\/strong><\/em><\/p>\n

As the market awaits the Fed decision, bitcoin had been rallying upwards in wait of what the outcome might be. On the other side, bitcoin\u2019s correlation to gold has declined over the past week. It has now touched an eight-year low.<\/p>\n

BTC\u2019s price is still shakily holding on to $40,000 as of the time of this writing. If history is to be followed at this point, then the market may see the digital asset slide back below $40,000 by the start of the weekend.<\/p>\n

Featured image from Forbes, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
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 |\u00a0Bitmain 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 the digital asset goes from here has translated to trading volume. But with the opening of the midweek trading market, the cryptocurrency has picked up some momentum. Fifth Time Is The Charm? Once again, bitcoin has broken out above $40,000. This point which continues to be a hard-to-conquer level remains the most obvious obstacle for the digital asset. The $40,000 to $44,000 is the obvious culprit. Bears tend to mount their resistance at these junctions because breaking out towards $46,000 would put bitcoin on another bull trend. Related Reading |\u00a0Bitcoin Worth $1.2B Left Coinbase In Sign Of Continuous Institutional Adoption As the market awaits the Fed decision, bitcoin had been rallying upwards in wait of what the outcome might be. On the other side, bitcoin\u2019s correlation to gold has declined over the past week. It has now touched an eight-year low. BTC\u2019s price is still shakily holding on to $40,000 as of the time of this writing. If history is to be followed at this point, then the market may see the digital asset slide back below $40,000 by the start of the weekend. Featured image from Forbes, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":486184,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85691,679,1119,1144],"class_list":["post-486181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-idle","tag-bitcoin-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Breaks Out Of $39K Idle Trend, But What Does $40K Hold?<\/title>\n<meta name=\"description\" content=\"Bitcoin keeps fluttering in and out of the $40,000 price level. 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With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Breaks Out Of $39K Idle Trend, But What Does $40K Hold?","url":"http:\/\/wncen.com\/news\/bitcoin-breaks-out-of-39k-idle-trend-but-what-does-40k-hold\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-breaks-out-of-39k-idle-trend-but-what-does-40k-hold\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/bitcoin-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/bitcoin-1.jpeg?fit=960%2C640"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin idle","bitcoin price","btc","btcusd"],"dateCreated":"2022-03-16T17:00:18Z","datePublished":"2022-03-16T17:00:18Z","dateModified":"2024-06-11T14:18:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Breaks Out Of $39K Idle Trend, But What Does $40K Hold?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-breaks-out-of-39k-idle-trend-but-what-does-40k-hold\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-breaks-out-of-39k-idle-trend-but-what-does-40k-hold\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/bitcoin-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/bitcoin-1.jpeg?fit=960%2C640\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin idle\",\"bitcoin price\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-03-16T17:00:18Z\",\"datePublished\":\"2022-03-16T17:00:18Z\",\"dateModified\":\"2024-06-11T14:18:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/bitcoin-1.jpeg?fit=960%2C640","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/486181"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=486181"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/486181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/486184"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=486181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=486181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=486181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}