After remarkable volatility over the past few market cycles, Bitcoin remains just above the key psychological $40,000 mark as of press time.
“Aside from a few brief movements up and down, the past several days were quite calm for bitcoin as it stood around $39,000 for most of the time,” writes Jordan Lyanchev at Cryptopotato. “However, it all changed in the past 24 hours. The asset traded close to the aforementioned level before it suddenly skyrocketed by nearly $3,000 to almost $42,000. Yet, it dumped just as quickly and returned to $39,000, resulting in over $200 million worth of liquidations for over-leveraged traders.”
Then, Lyanchev writes, bullish sentiment took over.
“Nevertheless, the bulls regained control over the market and pushed BTC north again,” Lyanchev adds. “This time, the leg up was more gradual, but bitcoin still reclaimed $40,000. As of now, the cryptocurrency stands at around $40,500. Consequently, its market capitalization has gone well above $750 billion.”
This whipsaw volatility seems to be coalescing into a $40,000 target.
More recently, Omkar Godbole at Coindesk sites a classic “Bart” pattern in recent Asian trading.
“The ‘Bart Simpson’ price pattern, resembling the cartoon character’s hairstyle, made a comeback to the bitcoin market early Wednesday as the cryptocurrency saw a quick rise and fall in a thinly traded market,” Godbole writes. “Bitcoin jumped from $39,120 to $41,700 in 30 minutes to 02:15 UTC only to fall back to $39,000 by 03:30 UTC, CoinDesk data shows. The sudden rise perhaps stemmed from stop orders on short trades and ran into stronger selling pressure.”
Along with Bitcoin’s slight increase, coins like Ethereum are in the green, where ETH values are touching $2700: and coins like Solana and Polkadot are faring well, too. Take a look at the green board and make your crypto plays.