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In the early hours on Wednesday (Asian trading hours), BTC breached the $40k resistance in one fell swoop to reach the $41.7k mark in a mere matter of minutes, before completely reversing its gains within the next hour. As of the time of writing, the largest cryptocurrency by market cap is stabilizing above the key $39k level — one that constitutes the main support near the bullish trend line established earlier today. If this level doesn't hold, BTC may very well return to range trade above the $38k level.