Bitcoin and the entire cryptocurrency market have seen mixed price action over the past week
Price action has mostly favored bears as the selling pressure was quite significant when BTC broke below $ 40,000
This caused the entire market to tumble down, but the bulls are now about to reverse that decline as they push Bitcoin towards $ 35,000
Where to go in the coming days and weeks will no doubt depend on whether or not the recent dip toward $ 30,000 is a local low
One trader believes that there are several signs, all of which suggest an uptrend is imminent, meaning that BTC could be on the cusp of a rally towards $ 40,000
Bitcoin has put the entire crypto market on a wild ride for the past few days and weeks as the recent break below $ 40,000 resulted in an accelerated decline to $ 30,000
The buying pressure turned out to be quite significant at $ 30K and so far has been enough to mark that level as a local low for the cryptocurrency.
A trader now notes that he expects these lows to hold and will continue to act as a strong support for the cryptocurrency. This could mean it will continue to move higher and possibly $ 40,000 in the coming days.
Bitcoin bounces back after the nightly sell-off
Yesterday, Bitcoin faced increased selling pressure that took it into the $ 30,000 region. The buying pressure here was significant and helped catalyze a rebound that is showing little sign of slowing.
One analyst believes Bitcoin is forming a local bottom as the support it establishes in the region at $ 30,000 is proving to be strong.