The leading cryptocurrency in terms of market cap, Bitcoin (BTC), is up 2.31% in the last 24 hours according to CoinMarketCap. The price of Bitcoin now stands at $39,350.98.
Bitcoin is one of the handful of the top 10 cryptos that has seen a price increase in the last 24 hours as the rest of the market remains red. However, this price increase is still overshadowed by the approximate 5.14% drop the coin experienced over the last 7 days.
Bitcoin also finds itself on CoinMarketCap’s trending list and fills the 9th place spot on the list. One reason for Bitcoin being a trending project could be the announcement that the Central African Republic will accept BTC as legal tender. However, the announcement has had no favorable effect on the 24-hour trading volume of BTC, as the figure drops by 11.60%.
The 2+% price increase could be another bullish move to retest the $40,000 resistance level. Bitcoin has tested this key resistance level numerous times over the last 7 days according to charts from Bitfinex. Only one of these resistance level tests were successful as the price of BTC reached around $40,600 before dropping down to around $38,000 again.
Given the fact that BTC’s trading volume is down for the last 24 hours, it is unlikely that there is enough buyer pressure to see the level retested again today. The chances are unlikely but not impossible as the crypto space has proven to be unpredictable.
One thing to keep in mind, however, is that we are heading towards the end of the week, which is a time usually accompanied by selling pressure.
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Source: Cryptocurrency - investing.com
