Weekend Watch: BTC Below $40K

Bitcoin failed again at overcoming $40,000 and has returned to even below $39,000

On April 25, bitcoin initiated an impressive leg up, adding nearly $3,000 in hours. Consequently, the asset spiked to almost $41,000 after its recent nosedives.

However, this price increase was short-lived as the bears pushed the cryptocurrency south again. Moreover, this decline was even more violent, and BTC found itself trading below $38,000 for the first time in over six weeks.

Bitcoin reacted well at this point and bounced off towards $40,000. It even briefly exceeded that level, but the overall bearish sentiment in the crypto market drove it south once more. As of now, BTC trades below $39,000, and its market capitalization has declined well beneath $750 billion.