Bitcoin Aims at $47,000 as It Bounces from Fundamental Support

As the daily chart suggests, Bitcoin is currently in the process of a short-term reversal after successfully withholding selling pressure while remaining on the support line at around $39,000. Previously, U.Today noticed that Source:

But thanks to the support of larger investors, the first cryptocurrency has successfully bounced off the lower border of the ascending channel and almost reached $42,159 but slightly retracted after facing the first significant resistance of the 50-day moving average.

No rally is possible without a proper trading volume, which is why Bitcoin has not yet spiked to a new high as the trading volume remains at a relatively low level, while high-risk assets like digital currencies remain unpopular amid the global risk-off tendencies on financial markets.

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