Bitcoin price back above $40,000

Bitcoin’s price accelerated higher, successfully breaking the $40,000 psychological level.

As of writing, Bitcoin is trading around $40,400. The last time it traded at these levels was January 10.

Four-hour BTC/USD chart from Bitstamp on TradingView.

Renowned trader and technical analyst Michaël van de Poppe said that Bitcoin is currently testing a resistance zone that would separate the price from a new high around $50,000.

#Bitcoin reached the next area of resistance and final hurdle before new ATH’s.

$35,000 was the crucial area and it broke, therefore, we’re at the next level of resistance.

Breaking this and I think $50,000 is on the horizon. pic.twitter.com/dOapKc125I

— Michaël van de Poppe (@CryptoMichNL) February 6, 2021

Total market capitalization at the time of writing stands at $1.23 trillion. Bitcoin’s dominance index is 60.9% (according to CoinGecko).

Earlier today ForkLog reported that the hash rate and mining difficulty have reached historic highs.

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