Bitcoin Touches Above $40K For Third Time In 2022, Where Does It Go From Here?

Bitcoin has had an eventful 2022 so far and it is only two months into the year. While mostly recording downtrends in these past two months, there have been some notable recoveries that have put it above $40K. For the two previous times, the digital asset had been unable to hold above this level. Will the third time be the charm or is a reversal expected soon? Bitcoin Trading Between $40K-$44K On Monday, bitcoin had pulled one of its strongest reverse cards and had broken straight through $40,000. The digital asset did not stop there though, continuing the run until it had finally peaked at $44K. This marked the third time that the cryptocurrency had broken above this point for the year, but these three recoveries, while similar in their peak points, have been through different circumstances. Related Reading | Short Traders Decimated As Bitcoin Barrels Past $43,000 Each time, the digital asset has met significant resistance at $44,000, making it the level to beat for each rally. Even though bitcoin had managed to break above this point both times, it had never really held through. And this was the case with the Monday rally. After touching above $44K, the digital asset had recorded a small downward reversal that put it back in the $43,000 range. BTC falls below $44K | Source: BTCUSD on TradingView.com Nevertheless, bitcoin has put up a good fight the third time around and has once again broken above $44K. It still re...