Despite the chaos in the US capital, Bitcoin has erupted higher and higher. The leading cryptocurrency has gone above $ 40,000 for the first time ever, reaching prices 100% higher than where the cryptocurrency was just weeks ago.
BTC has since pulled back somewhat as there was some selling pressure on that important psychological level.
Chart of BTC's price action over the past six weeks from TradingView.com
The cryptocurrency has entered a parabolic phase, passing major resistance levels every day. BTC is reaching overbought territory, analysts say, but some have asked if this is a real concern for the market. Bitcoin can be bought over for extended periods of time, some market participants have explained as a way to deter those expecting a correction.
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt Bitcoin Breaks $40,000, Then Quickly Retraces to $38,500