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Bitcoin price breaks the $ 40,000 barrier again

In the course of the first hours of this Saturday, February 6, the price of bitcoin (BTC) again reached 40,000 dollars per unit. This in the framework of an upward escalation that has increased the value of the pioneering cryptocurrency by 6.8% in the last 24 hours.

With a market capitalization of USD 750,522 million and daily volume of USD 23,520, at the time of writing BTC is around USD 40,598 . This figure represents 18% above the floor that touched last Saturday, January 30, when it was trading at USD 34,200.

Bitcoin did not exceed the barrier of $ 40,000 since January 10 of 2021, shortly before experiencing corrections that have kept its value in the range of $ 30,000 to $ 37,000 in the last week.

Despite some rumors they relate this new rise to the event World Now , held this week by the CEO of MicroStrategy, Michael Saylor, and some market analysts, such as Willy Woo, had anticipated growth for a few days . In his most recent report, published in CriptoNoticias, Woo assured that the value of the cryptocurrency points to USD 56,000.

Based on data in-chain and own metrics, the analyst maintains that the profit-taking phase by the whales has already concluded, and that the flow of incoming BTC in exchanges are a minority compared to outgoing BTC. “These two factors are some of those that confirm the validity of the current bullish rhythm of bitcoin,” he said.

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The price of bitcoin reached a maximum of USD 40,887 on February 6. Source: Live Coin Watch

This conclusion from Woo is shared by the researcher and pseudonymous Bitcoin analyst, known as “Material Scientist”, who a week ago said on Twitter that the order flow of the “mega whales” reached an all-time high.

The whales bought almost everything they had sold since the last USD 40 thousand, and the mega whales are about to make a new ATH in their order stream. The downtrend is over, in my opinion. New ATH soon, don’t miss it!

Material Scientist, researcher and analyst on Twitter.

In that sense, although some corrections are expected in the coming days, the analyzes indicate that in the coming weeks A new all-time high (ATH) will occur that would push the value of BTC to well above $ 50,000. “There will be setbacks (…) but technically this is a confirmed breakout that should eventually reach USD 63,000,” concluded cryptocurrency trader Scott Melker.

In this regard, analysts at Whalemap, a data analysis platform that tracks whale data, they point out that there is a confluence of support so that in the corrections the price range remains between USD 37,834 and USD 36,290.

“Yesterday a new group was also formed in that area. These amounts should give BTC a good base to take off, if we ever get there. Otherwise, a floor of USD 39,843 should also provide some help, ”reads the tweet.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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