Bitcoin (BTC) price is hanging around $40,000 resistance again in two days after six weeks of pacing between $30,000 and $36,000.
Bitcoin’s (BTC) volatility resurfaced in the news as the original cryptocurrency temporarily recaptured the $40,000 mark before resuming its decline to $39,000 levels.
Following a two-week bearish trend that began on July 15, Bitcoin is attempting to breach the $40,000 resistance for the second time in two days.
According to TradingView data, BTC experienced a bull run beginning on July 21st, resulting in a 34.13 percent increase in just seven days.
The increased engagement of traditional banks and entrepreneurs such as Elon Musk and Michael Saylor, according to the crypto community, is directly responsible for the rising BTC price.
Amazon’s anticipated interest in cryptocurrency propelled the price higher this week, however the internet titan later rejected the reports.
While current price indicators show that Bitcoin will maintain its current support range of $30-40,000, BTC still needs to see a $20,000 positive change before it can reclaim its former splendor of $60,000.
The quick drive to exit an instant resistance does not accompany the $30,000 corridor, despite what may appear to be a positive indicator.
Bitcoin’s price is now hovering around $39,500 at the time of writing.
In a recent study of portfolio managers and equities strategists conducted by CNBC, 44 percent of respondents predicted that Bitcoin’s price will fall below $30,000.
The remaining 56% of investors were more positive, with 6% expecting Bitcoin to hit $60,000, close to its all-time high of $65,000.
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