Bitcoin (BTC) In a Brief Fall as Bitcoin Resumes Uptrend – July 30, 2021
On July 28,
Today, Bitcoin’s (BTC) price has retraced to the support above $38,000 as buyers failed to sustain the current bullish momentum above the $40,000 psychological price level. Bitcoin will resume the second round of upside momentum above $40,000 high if buyers clear the resistance zones between $40,000 and $42,451 high. Bitcoin bulls are now struggling above the current support to resume an upward move. In the first instance, BTC/USD fell after the price rallied to an overbought region at $40,900. Nonetheless, if the crypto faces rejection at the overhead resistance, Bitcoin will plunge to $36,600 low. In the meantime, BTC prices are fluctuating between $38,000 and $40,000 price levels. On the upside, if Bitcoin has a strong rebound above the current support, the resistances zones between $40,000 and $42,451 will be breached.
Bitcoin Attempts to Break $40k for the Second Time in Many Days
Bitcoin’s (BTC) price is in the news as it briefly reclaimed its $40,000 mark before retracing to $39,000 price levels. This is because it was fluctuating between $30,000 and $36,000 for six weeks. However, BTC’s price hovers around $40,000 resistance just in two days. Nevertheless, with the price action and indicators, Bitcoin may stick to its ongoing price range of $30,000–$40,000 mark. Meanwhile, CNBC surveyed a group of portfolio managers and equity strategists. From the survey, 44% of the respondents indicated that BTC’s price would decline below $30,000. The other 56% of investors believe that Bitcoin would be bullish. In the last respondents, 6% wanted Bitcoin to reach the $65,000 all-time high.
Nevertheless, BTC/USD has remained bullish after retracing to $38,000 support as Bitcoin resumes uptrend. Buyers are likely to retest the $40,000 psychological price level. Meanwhile, on July 26 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but reverse at level 1.272 Fibonacci extension or level $43,607.60.
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