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Will Bitcoin Regain Its Position Above USD 40,000 Soon?

 


The leading cryptocurrency has held its position above the $38,000 level and it could soon recover to the upside.


The cryptocurrency market has performed averagely over the past few days. Despite the current turmoil due to the ongoing debacle in Russia and Ukraine, the cryptocurrency market has held its ground.


The total cryptocurrency market cap remains above the $1.7 trillion mark and could soon surpass $1.8 trillion if current market momentum continues. Bitcoin and the other leading cryptocurrencies have performed averagely over the past few days.


Bitcoin is trading at around $38,900 per coin at the time of writing, up less than 1% over the past 24 hours. Technical indicators show that Bitcoin has been performing well and could be on track to move higher soon.


If the bulls continue to ward off any bearish advance, the leading cryptocurrency is likely to surge above the psychological $40,000 level in the hours or days to come.

The 4-hour chart of BTC/USD is slowly turning bullish as bitcoin continues its slow recovery towards the USD 40,000 resistance level. The technical indicators show that the value of Bitcoin could rise soon.



The MACD line is still above the neutral zone, which indicates weak bullish momentum. The RSI of 51 shows that Bitcoin is no longer in the oversold territory thanks to its recent positive performances.


If bulls continue to gain control, Bitcoin could surge above $40,000 for the first time in a week. In the event of an extended rally, BTC could rally above the next resistance level at $42,000 in the short term.


However, Bitcoin's performance is likely to be impacted by ongoing events in Russia and Ukraine. Other economic activities in the United States, Europe, and Asia could also play a role in the coin's development.

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