The price of Bitcoin has been fluctuating between $30,000 and $36,000 for the past six weeks. It is now hanging around the $40,000 resistance level for the second time in two days.
Volatility in Bitcoin (BTC) has made news once again, this time when the original cryptocurrency briefly recaptured the $40,000 mark before crashing back down to $39,000 levels. Coming after a two-week-long bearish shadow that began on July 15, this is the second time in two days that Bitcoin is attempting to break through the $40,000 resistance level.
BTC saw a bull run for the trading pair BTC/USD starting on July 21st, according to data from Cointelegraph Markets Pro and TradingView, resulting in a rise of 34.13 percent in just seven days.
The cryptocurrency community ties the rise in the price of bitcoin directly to the increased engagement of traditional banks and entrepreneurs such as Elon Musk and Michael Saylor, according to the crypto community.
This week, speculation over Amazon’s alleged involvement in cryptocurrency also contributed to the price increase, though the internet giant later disputed the rumours.
As of right now, Bitcoin’s price indicators indicate that it will maintain its current support range of $30-40,000, but the cryptocurrency has to see a positive move of $20,000 before it can regain its former splendour of $60,000.
The sudden drive to exit an immediate resistance does not coincide with the $30,000 corridor, despite the fact that it appears to be a positive indication. By the time this article is published, the Bitcoin price is closing in on $39,500.
CNBC conducted a recent study on a group of portfolio managers and stock strategists, and the results revealed that 44 percent of those who responded believed that the price of Bitcoin will go below $30,000.
Other investors expressed a more bullish outlook, with 6 percent predicting that Bitcoin will hit $60,000, which would be close to its all-time high of $65,000, in the near future.
