Bitcoin has seen multiple strong uptrends and intense selloffs in the past few weeks as it endured an extended bout of sideways trading. The BTC price is finally showing some signs of strength with bulls aggressively buying each dip, allowing the cryptocurrency to form some bullish trend lines.
Over the past few sessions, BTC pushed higher as bears struggled to get a firm grip on the coin’s short-term price action. The flagship cryptocurrency climbed from lows of $35,500 set this morning and cleared multiple hurdles on its way up. The price even broke the $38K resistance and formed a new monthly high at $38,342.
At the time of writing, BTCUSD is consolidating gains just below the $37K level at its price of $36,917.
BTCUSD Chart By TradingView
Today’s move higher came amid a market-wide surge that saw altcoins like DOGE and Aave gain immense upwards momentum. The BTC bulls must now surmount hurdles near $38,100 and $38,200 to aim a retest of the $40K level.
BTC Price Positioned to For Massive Momentum
The current BTC price action indicates that a move to the upside is imminent, with the king coin’s strength showing few signs of degrading. The bulls are working to push the crypto asset higher and catalyze some positive technical formations.
While sharing his outlook for bitcoin, one analyst stated that he is setting his sights on a push toward $40K in the mid-term. Altcoin Psycho argued that BTC is now well-positioned for massive momentum after its recent consolidation phase. He even forecasted that the king coin’s next stop would likely be $40,700.
“This consolidation on $btc has given more breathing room for our *allowed* mean reversion cushion. We could pump to 40.7k and still be within the accepted reversion band level above the basis,” Altcoin Psycho tweeted.
However, for the BTC price to see a parabolic advance, it must first breach its all-time highs of $42K.
BNB Price Hits New All-Time High
Binance Coin (BNB), the native token of Binance exchange, surpassed Bitcoin Cash (BCH) on Feb 4 to emerge as the ninth-largest cryptocurrency on the data aggregator site CoinMarketCap.
BNB followed in the footsteps of Ether to briefly set a new price record at $55 before correcting slightly lower. The BNBUSD pair is trading at $54.17 during press time and is up over 6% in the past 24 hours.
BNBUSD Chart By TradingView
Binance CEO Changpeng “CZ” Zhao took to Twitter to laud the milestone, with many of his online followers projecting a colossal pump for the popular altcoin in the coming days.