The price action was, however, dampened too soon as the coin after registering a hike of 7%, dipped by 4% at the time of writing.
Bitcoin was trading for $40,030 at the time of writing, peeking slightly over the $40,000 mark.
At press time, however, the asset was trading below the aforementioned resistance mark.
A fall from the current price level would mean that BTC would trade near the $38,000 support line.
Bitcoin had received a brief recovery in terms of buying pressure, however, after the recent fall buyers exited the market.
On the Relative Strength Index, the coin was seen below the half-line which indicated that sellers were more than buyers in the market.
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