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It’s interesting that Bitcoin hasn’t fallen below $36,000. Market analysts believe that if it breaks through $39,200 now, there is plenty of room for a rebound up to $41,000. Analysts such as Michael van de Poppe are also paying attention to this range; technically, that means $41,000 could act as a major resistance level.
In the end, the key is whether Bitcoin can hold its current support level and move higher, and a breakout above $39,200 could be the signal. The market is seeing the possibility of a technical rebound, like a relief rally.