Here Are 3 Factors That Can Drive The Price Of BTC Beyond The Price Of $ 40,000! - Kakiforex.com - Financial Market Media No. 1 in the World Here Are 3 Factors That Can Drive The Price Of BTC Beyond The Price Of $ 40,000! Here Are 3 Factors That Can Drive The Price Of BTC Beyond The Price Of $ 40,000!
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June 4, 2021

Here Are 3 Factors That Can Drive The Price Of BTC Beyond The Price Of $ 40,000!

 Bitcoin miners have started collecting BTC with the hashrate of the Bitcoin network soaring again. The BTC collection of miners is seen as a sentiment that can drive up prices. The fall in the rate of transferring their Bitcoin holdings to crypto exchanges came just in time.


Today the price of Bitcoin has traded to the price level of $ 39,231 with the resistance level of $ 40,000. The market thinks the price can break the resistance level of $ 40 thousand could help retest $ 45 thousand soon.


The market downturn in the second week of May saw the price of bitcoin fall 50% from an all -time high to the $ 30,000 price level. The fall in prices caused the market to be rained down by some FUD news which caused panic and spurred sales.



Market sentiment also rebounded as it was driven by news that North American BTC miners are working towards more environmentally friendly alternative mining. At the same time the hashrate of the Bitcoin network has also returned to levels before the FUD.




In addition, several institutions such as Wisdom Tree launched Bitcoin ETP in Europe and Paxful launched a commercial Bitcoin payment solution in the form of Paxful Pay-E. Google also lifted its ban on crypto advertising yesterday. This means that crypto exchange companies and service providers can advertise crypto on Google. All these factors are assessed as positive sentiment needed for the time being.


However, it should be noted that BTC price movements also have the possibility of falling, including the lack of support in terms of ‘volume’. BTC as of writing is trading at $ 38,589.62 per unit.