{"id":184119,"date":"2023-11-27T15:39:25","date_gmt":"2023-11-27T15:39:25","guid":{"rendered":"https:\/\/precoinnews.com\/?p=184119"},"modified":"2023-11-27T15:39:25","modified_gmt":"2023-11-27T15:39:25","slug":"will-bitcoin-breach-the-major-resistance-zone-between-38k-to-40k-for-heightened-bullish-momentum","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/will-bitcoin-breach-the-major-resistance-zone-between-38k-to-40k-for-heightened-bullish-momentum\/","title":{"rendered":"Will Bitcoin Breach the Major Resistance Zone Between $38K to $40K for Heightened Bullish Momentum?"},"content":{"rendered":"
After briefly touching $38,000, Bitcoin (BTC) has been unable to retest this zone, given that it’s emerging as a significant ceiling.<\/p>\n
Top analyst Michael van de Poppe highlighted that the $38,000 to $40,000 range was a massive resistance zone, which the leading cryptocurrency had to break for an upward continuation.<\/p>\n
Nevertheless, the analyst pointed out that all hope was not lost since Bitcoin continuously made higher lows, having attacked this resistance for the fourth time.<\/p>\n
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Higher highs and higher lows signal a rising trend, illustrating that buyers continuously buy the dip based on notable demand. Bitcoin was hovering around $36,963 at press time, according to CoinGecko data.<\/p>\n
Even though Bitcoin is in a consolidation phase since it has lacked impressive momentum to push it above $38K, long-term investors are not relenting in their quest to continue accumulating the cryptocurrency.<\/p>\n
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For instance, the amount of BTC held by long-term investors recently hit a new all-time high (ATH), as highlighted by leading on-chain metrics provider IntoTheBlock.<\/p>\n
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Holding reduces selling pressure since cryptocurrencies are held in digital wallets or cold storage for future purposes other than speculation.<\/p>\n
Meanwhile, Bitcoin recently reclaimed the $37,000 zone after Argentina elected a bitcoin-friendly president. Javier Milei bagged 55% of the votes in the November 19 presidential run-off and has been vocal about his Bitcoin admiration. At the same time, he has labelled central banks as scams that trigger inflationary taxes.<\/p>\n