Coming after a two-week-long bearish loom that started on July 15, this is the second time the leading cryptocurrency bitcoin is trying to break $40,000 resistance in two days. Bitcoin briefly reclaimed its $40,000 mark before going back to $39,000 levels. The leading cryptocurrency bitcoin witnessed a bull run for trading pair BTC/USD from July 21, resulting in a spike of 34.13% in just seven days.
Bitcoin witnessed increased interest from traditional banks.
The crypto community attributes the rising BTC price directly to the increased involvement of traditional banks and entrepreneurs such as Elon Musk and Michael Saylor. As reported earlier, Amazon’s rumored involvement in crypto also pushed the price, although the tech giant later denied those rumors. The current price indicators suggest that Bitcoin may stick to its ongoing support of the $30-40,000 mark. However, the cryptocurrency is yet to see a positive change of $20,000 before it can reach its former glory of $60,000. What may seem like a good indication, the sudden push to exit an immediate resistance does not accompany the $30,000 corridor.
Bitcoin continues to trade above $39,000.
At the time of writing, bitcoin is trading just above $39,700, nearly 7% up in the last 24 hours. In a recent survey conducted by CNBC on a group of portfolio managers and equity strategists, 44% of the respondents felt that Bitcoin price would fall down below $30,000. The other 56% of investors showed a more bullish outlook, with 6% hoping to see Bitcoin reach $60,000, near its $65,000 all-time high. Earlier, the world’s leading e-commerce platform Amazon was reported to be exploring bitcoin payments. However, the company later denied such claims.