Bitcoin Bulls Try To Break The Downtrend – Investing.com

Bitcoin Bulls Try To Break The Downtrend – Investing.com

is making another attempt to test an important $40K resistance level. Over the past 24 hours, the benchmark cryptocurrency is up 4%, approaching $39K. It is too early to draw final conclusions, but the renewal of the highs of the outgoing week can be considered a local victory for the bulls.

During the last two weeks, there was a sequence of declining peaks on the Bitcoin chart, and the attempt to break this trend should be seen as a bullish signal. If it remains in force, we may see a clear revival of institutional buyers by the end of the week, followed by retail investors who may enter the market over the weekend.