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Bitcoin Reclaims $40K: Can It Maintain the Upside Momentum?

Table of Contents

Bitcoin bounces back, surging 2.19% to $40K, defying recent bearish sentiment.
Analysts warn of BTC’s bitcoin critical $38K threshold and the potential for a deeper correction to $33K.
Fear & Greed Index hit a 100-day low, signaling a cautious market sentiment shift.

Bitcoin (BTC) is currently at a critical juncture, with analysts closely monitoring its price movements. as a potential close below $38,000 on the weekly chart could signify a downturn, targeting a solid support cluster of around $33,000. This development emerges amidst a backdrop of macroeconomic factors and market sentiment, painting a complex picture of the future of this cryptocurrency. 
In the last 24 hours, however, bearish momentum was halted after support at $38,610 was established. At press time, BTC had reclaimed the $40K level, exchanging hands at $40,019.26, a 2.19% surge from the intra-day low.

BTC/USD 24-hour price chart (source: CoinStats)

Bitcoin’s Critical Threshold: $38,000
The significance of the $38,000 level for Bitcoin cannot be overstated. Crypto analyst Ali Martinez has pinpointed this threshold as pivotal. Should Bitcoin’s price close below this on the weekly chart, i…
The post Bitcoin Reclaims $40K: Can It Maintain the Upside Momentum? appeared first on Coin Edition.

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