Doug Schwenk | Source | CEO at Digital Asset Research

It’s likely true that BTC’s price was overly-impacted by some negative news events in the past weeks. If the buyers somehow flip this wall from resistance to support, $40,000 is definitely within reach. It depends on the appetite for long-term investors in further accumulation of BTC during this market phase. Bitcoin’s price movement has been very positive over the past couple of days, and could continue upward. BTC trades largely on sentiment, and if that continues to be positive in the coming hours and days, we could easily see BTC trade above $40k. It’s likely true that BTC’s price was overly-impacted by some negative news events in the past weeks which has seen it trade lower than anticipated.