Bitcoin price must now hold this key level to regain $40K
May 25, 2021. Summarized by summa-bot.
Compression ratio: 31.4%. 1 min read.
Bitcoin price is holding above $37,000 for now.
As a result, the bids for the BTC/USD pair started dropping while heading into the early London session, eventually finding support at a level that was instrumental in limiting the market's bearish trend during the last week's price crash.
Rekt Capital, a pseudonymous cryptocurrency trader, called the blacked horizontal line in the chart above — roughly $37,000 — a "key retest" level, noting its significance in determining Bitcoin's short-term market bias.
Victor Dergunov, the founder of Albright Investment Group, admitted that he was buying the Bitcoin price dip, adding that he expects the cryptocurrency to at least reach the $40,000-$42,000 area in the near term.
It said the Bitcoin market risked facing the "worst crypto winter" in its twelve-year lifetime, citing the U. S. dollar's bullish response to rising inflation figures that could sap investors' appetite for the cryptocurrency.
Meanwhile, Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, reiterated his bullish stance on Bitcoin, noting that he still sees the BTC/USD exchange rate hitting $100,000 on the prospects of a declining supply rate.