Bitcoin Price Punches Through $38,000 Resistance as Bulls Eye Test of $40K – Where Next for BTC?
Bitcoin bulls have taken the asset to fresh all-time highs after pushing through the $38,000 resistance level and analysts are now eyeing an imminent test of the $40,000 price hurdle. While the $38,000 resistance has stood firm for days on end, the price suddenly surged by nearly 5% in minutes to break through the barrier and quickly reached highs of $38,348.
At the time of writing, the price of Bitcoin is sitting at around $37,900 and will likely continue to move higher in the coming days. Analysts now expect that BTC could test $40,000 as soon as next week.
“This morning initially saw us break the key level of $38,000 resistance. This then sent the price to a high of $38,348,” Edward Moya, senior market analyst at OANDA, told CoinDesk. “The next major hurdle will be the $40,000 level and with the way the buyers have been pushing, there is a good chance that level will be tested next week.”
Bitcoin’s price action over the last few weeks has been driven by institutional and corporate interests. Last week saw the news that Tesla had made a $1.5 billion bet on BTC, as well as the announcement from Mastercard that it would facilitate crypto payments via its network. There have also been rumors that other institutions such as banks could be making investments in crypto soon.
As such, Bitcoin’s price remains clear of being driven purely by speculation and could make for interesting movements in the coming weeks. If the bulls continue to break through the key resistance levels, then we could easily witness a surge up towards the $50,000 milestone.