BTC is finally successful bounced off from support level of $ 40,000 and is growing again in the short term. However, we are still a long way from reversing the trend. The market price hit resistance and the last local maximum is still far away. Meanwhile, dominance has continued its sideway movement since the beginning of the month.
As we can see in the chart below, the price has not yet broken the first one resistance from local max. If succeeds, the price could continue to rise for the next $ 44,000 target. However, the last bounce was accompanied by weaker volumes, which is nothing new in recent months.
BTC bounced off $ 40,000. Source: TradingViewBTC bounced off $ 40,000
In the short term, it is too early to say that we are bullish because there was no trend reversal signal. On the contrary, it is still necessary to take note supporty that BTC can achieve. The level that will interest us is $ 36,000 and above all $ 30,000 where it is advisable to have purchase limits set.
On the contrary, we remain in the long run bullish. BTC is reaching rising lows and highs, and even if it declines in the near future, we will still be in bullish long-term trend. So if BTC falls, this fall must be taken as an opportunity. On-chain the data show that we are currently in accumulation.
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