Is Bitcoin Headed For A Correction After Brief Recovery; Vital Trading Levels

Bitcoin had finally broken past the $40,000 over the past 24 hours owing to Luna Foundation Guard’s (LFG) BTC buying spree. The price action was, however, dampened too soon as the coin after registering a hike of 7%, dipped by 4% at the time of writing. The 24-hour trading volume of Bitcoin also took a hit at the time of writing. Bitcoin’s fear index read 28 which corresponds with the fear sentiment, this reflected fear surrounding another crash for the king coin. It turns out that there hasn’t been much impact on the prices even after the LFG Bitcoin purchase. LFG at the beginning of this week had added 2508 BTC which is worth over $100 Million to its UST reserve. This has taken the BTC count to $42,406.92. Additionally, the U.S inflation rate spiked by 8.5%, a rate that hasn’t been recorded in over 4 decades. The global cryptocurrency market cap stood at $1.95 Trillion after a fall of 2.5% in the past day. Bitcoin Price Analysis: Four Hour Chart Bitcoin was trading for $40,030 at the time of writing, peeking slightly over the $40,000 mark. The coin had managed to break past its immediate resistance of $40,956 over the last 24 hours. At press time, however, the asset was trading below the aforementioned resistance mark. Consistent push from the bulls over the next trading sessions could push prices up to $42,000. A fall from the current price level would mean that BTC would trade near the $38,000 suppo...