Bitcoin rallied above $40,000 on Wednesday, 26th May. The digital asset looks to be back in fighting form, as it drags the cryptocurrency into bullish territory.
We took a while to observe the markets as they went into a unison correction following a Bitcoin price dump that dragged the market into the red for a fortnight. The market rout turned out to be deeper than the turbulence forecasted in our pre-crash market analysis, with the market consolidating over the past week.
Things are looking greener, with Bitcoin finally picking up some bullish momentum after rolling bad news caused the digital asset’s price to tumble a good 30%. With cryptocurrency markets having shaken off a run of bearish sentiment caused by Asian nation, China’s renewed attacks on the asset, along with technology wonderkind, Elon Musk’s negative critiquing of the Bitcoin network’s carbon footprint, Bitcoin (and the crypto market in general,) are starting to retake previous highs.
Streaming the Huobi BTC/USDT market through TradingView, the daily chart shows $BTC’s price forming its second day of bullish price action following some chop after a crash to the $30,000 price level. With the price at $40,416 (at time of writing,) the asset seems set to challenge the $43,100 resistance level. If price breaks through the $53,000 resistance level, we’ll be confident that an upward trend may be in play.
With the Ichimoku Kijun and Senkou A, and B, spans running flat, price may actually revisit the 53k resistance level. We remain doubtful however, that the move has built up enough momentum, at this point, for an immediate breakthrough, and may reattempt the level once, or twice more before challenging the $59k price level.
