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Bitcoin rallies past key $40,000

Tan KW
Publish date: Sun, 01 Aug 2021, 12:31 AM
Tan KW
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BITCOIN hit its highest level since mid-May and continues to build momentum.

The largest cryptocurrency is gaining for a 10th day in the past 11 and traded up to $42,390 on Saturday, its highest level since May 20. Market watchers have pointed to $40,000 as an important inflection point.

"A run like this certainly suggests some flow backing,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, in a note Saturday. "Of course, it now needs to stabilize here -- and above the high from May 20 would be further confirmation.”

Bitcoin, which for weeks trended downward from its mid-April record near $65,000, has now spent more than a week building back as supportive comments from Elon Musk and Cathie Wood helped bump it out of a declining trend. Digital-asset-related jobs postings by Amazon.com Inc. and resulting speculation helped as well.

Oanda Corp. senior market analyst for North America Edward Moya offered a note of caution about the price moves.

"Retail interest is strong, while institutional interest is somewhat lagging and needing fresh endorsements,” he said in a note Friday. "Bitcoin volatility might remain elevated over the weekend and traders should not be surprised if a spike occurs toward the $42,000 level during some illiquid times.”

Still, the cryptocurrency has this week risen back above its 50- and 100-day moving averages, with the 200-day at $44,680 in sight.

"It won’t be surprising to see Bitcoin expand the $30,000 to $42,000 trading range on the upside and attempt $45,000,” said Pankaj Balani, chief executive officer of crypto derivatives exchange Delta Exchange, in a note Tuesday.

"However, breaking above $50,000 will take some doing for Bitcoin. Only a conclusive break above $50,000 would attract fresh flows and signal a change in the broader direction for the market.”

 - Bloomberg

Discussions
Be the first to like this. Showing 5 of 5 comments

DurdenJames

My friend asked me to buy BTC via this POS Nexthash app. Because it gained a lot of momentum. IS this OTC trading platform safe? https://nexthash.com/otc-trading-platform

2021-08-10 20:55

lphilipl

to be honest,
better use proven safe platform.
i can intro u a good one/ guide u step by step

2021-08-10 20:59

Mimimomochi

prefer to wait for the next dip or else will be a heart attack mode again

2021-08-10 21:09

DurdenJames

I managed to find one with the lowest fees I know and is proven and safe for anyone new: https://elly.com/pos/en/cryptocurrency-pos-system/.
I had to get a new one as bitstamp crashed.

2021-08-12 18:43

DurdenJames

thanks you
lphilipl

2021-08-12 18:43

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