3 Reasons Why Bitcoin Could Retest $40,000 All Over Again

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Bitcoin remained under a selling pressure this Thursday as its price fell by another 1.5 percent. The benchmark cryptocurrency touched an intraday low of $34,200, making a higher high after falling below the key $34,000-support level in the previous session. Its plunge majorly appeared due to profit-taking sentiment among traders and investors primarily after the price crossed the $38-000-40,000 range on more than two occasions. As CryptoQuant CEO Ki-Young Ju noted, spot inflows into the cryptocurrency exchanges cooled down this week, signaling an extended downside correction in the future. “$35,684 -> $34,054, and I expect more,” tweeted Mr. Ju. “BTC OG whales are strong if there are no spot inflows.” Bitcoin Whale Ratio on All Exchanges dips. Source: CryptoQuant Nevertheless, long-term bullish fundamentals turned plentiful this week, giving Bitcoin ample of ammunition to continue its upside run. So why the cryptocurrency could hit $40,000 all over again? Here are three…

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