Bitcoin Breaks 40K After Head & Shoulders Formation Begins to Form

This morning, it appeared as if Bitcoin was headed toward a head and shoulders formation.

There is no doubt that the past several weeks have been a wild rollercoaster ride for cryptocurrency investors. Going from all time highs of $64,000 to almost dropping below $30k in less than 1 week.

Even after news of China regulating mining, news of institutional investors pulling out of bitcoin and reinvesting into Gold, Bitcoin has managed to settle at a health range between $38,000-$40,000.

The latest issue with Bitcoin has revolved around the amount of energy that Bitcoin transactions consume because of mining. While Bitcoin mining does tend to consume a considerable amount of energy in terms of profitability, the overall global impact seems to be much less substantial.

Despite all of the negative news surrounding Bitcoin, breaking $40,000 is a significant milestone, showing that Bitcoin and cryptocurrency are far from over. The cryptocurrency community is a global force to be reckoned with and will continue to push forward.