On Thursday, the price of bitcoin was around $40,000. The world’s oldest cryptocurrency touched the $40,000 mark on July 28 for the first time since mid-June. Thanks to Amazon, celebrity CEO Elon Musk, the crypto world saw a significant gain this week. Bitcoin price rose 0.29 percent to $39,780.92 on the coinmarketcap.com index at 0835 hours IST on July 29. Meanwhile, Ether was trading flat on Thursday. According to Coinmarketcap.com, the second most popular cryptocurrency fell 0.26 percent to $2,284.10.
“After months of facing stiff resistance in the $32,500-$36,000 range at different points during the past 8 weeks, bitcoin broke free, and saw a significant rally, as it crossed $40,000 earlier this week. reached and broke down. Since then it has held strong and is trading above the $39,500 mark. We are seeing gradual volume build-up which is probably why positive inflows and inflows of FIs However, on-chain metrics are not supporting the bitcoin rally, which basically means that network usage is low, and on-chain activity is expected to keep the market up and running. There is a need to catch up with the price performance to sustain the prices and instill investor confidence in the long term,” ZebPay Trade Desk said.
“Bitcoin and Ether have seen their significant resistance levels over the past 24 hours. Bitcoin moved above the $40,000 level, and Ether shot up above $2300 before facing a pull-back. Next, we saw the crypto market approaching a consolidation. After the volatile period ended, bitcoin derivatives data showed that many traders had closed their positions. This indicated that the market was uncertain, with both bears and bulls trading aggressively Among altcoins, the highlight for the day was XRP or Ripple,” said Edul Patel, Chief Executive and Co-Founder, Mudrex, a global crypto trading platform.
“Due to the current SEC litigation, this cryptocurrency has been under threat for a long time. Its supporters are bracing for victory as it seems the case has taken a favorable turn. The coming 24 hours will decide whether the market goes up or back. The trading volume has come down in the last two days, which may be a matter of concern for many traders,” Patel said.
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