fxstreet.com 02 Feb, 2021 15:15 am

Bitcoin swings toward $40,000, teasing another crypto bull run

Bitcoin swings toward $40,000, teasing another crypto bull run
The cryptocurrency market green after a small correction, at least for selected cryptocurrencies. For instance, Bitcoin is currently trading above $35

However, as discussed on Monday, a daily close above $34,000 and price action past the 200 SMA would boost the largest cryptocurrency towards $40,000.The gains accrued on the day would be erased, leaving the tentative support at the 200 SMA and $34,000 in jeopardy.Another essential support zone that has been critical to the ongoing recovery is the 200 SMA at $1,200.For instance, Bitcoin is currently trading above $35,000 after a steady but gradual rise from the support at $32,000.

Bitcoin was stuck under the 200 Simple Moving Average since it bounced back from the support at $32,000.Further down, losses are likely to retest the recent anchor at $32,000.

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