Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto

Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto

Bitcoin (BTC) prices saw notable volatility on Friday, frequently breaching the $40,000 mark but failing to maintain that level.

As of this writing, the top cryptocurrency by market capitalization had increased by 3.2 percent during the previous 24 hours, trading at $40,205.

Bitcoin saw stiff resistance after breaking over that mark, plummeting below $40,000 in less than an hour, according to CoinDesk data.

Over the next several hours, the world’s most valuable cryptocurrency traded at the previously mentioned price level, occasionally topping it and then falling below $40,000.

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More Countries Embrace Bitcoin

Bitcoin rose alongside US stocks as new evidence of investor accumulation and increased use by nations ranging from Africa to Central and South America emerged.

The global cryptocurrency market capitalization stood at $1.80 trillion, a little decrease over the previous 24 hours. However, the overall volume of cryptocurrency trade increased by nearly 14% to $95.54 billion.

Bitcoin traded flat for the second day straight, with virtually little increase. It has been trading in a narrow range over the last few days, according to Mudrex CEO and Co-founder Edul Patel.

“A similar pattern is anticipated to continue over the next one or two days. Ethereum, the second-largest cryptocurrency, is also trading similarly, with a slight increase. In comparison, the majority of cryptocurrencies have been in the red during the last day, said.

BTC total market cap at $736 billion on the daily chart | Source: TradingView.com
Failing To Sustain Momentum

Bitcoin managed to sustain a brief gain during the early hours of Tuesday, but subsequently fell below the $40,000 support level in the afternoon, and has since reached repeated low points throughout the week.

By Friday, the cryptocurrency Fear and Greed Index had fallen one point to 23, indicating that it remained in “severe fear.”

On the same day, Bitcoin had an upward correction in response to stronger market indices. However, BTC is facing further selloffs as it strives to break through the $40,000 barrier.

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Significant Resistance

Recent price swings of the cryptocurrency “indicated substantial resistance” in the range of $40,000 to $41,500, according to John Iadeluca, founder and CEO of multi-strategy firm Banz Capital.

He added that selling pressure has been especially intense “around the $40,000-$40,500 price levels.”

Meanwhile, the Central African Republic recently became the world’s second country to legalize bitcoin as a form of payment.

Cuba’s Central Bank announced the issuance of licenses to virtual asset service companies. The license will be offered to Cuban and foreign people and organizations.

Featured image from Pixabay, chart from TradingView.com

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