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Abstract:Bitcoin traders are at odds about where BTC price may head after it failed to flip the $40,000 level to support.
Bitcoin traders are at odds about where BTC price may head after it failed to flip the $40,000 level to support.
The rumor that Amazon would accept cryptocurrency payments sparked a wave of bullish enthusiasm across the crypto market earlier in the week but now this sentiment has begun to wane as Bitcoin (BTC) bulls face stiff resistance at the $40,000 level.
Data from Cointelegraph Markets Pro and TradingView shows that bears have managed to fend off multiple attempts to flip the $40,000 level to support and defense of this zone continued on July 29 as Bitcoin's stagnant price action and added to concerns that the price could fall back to last week's $35,000 to $30,000 range.
Here‘s what analysts and investors are saying about the recent developments in Bitcoin’s price.
The current price of BTC is well below the average growth of previous cycles, indicating that the BTC has some “catching up to do” if it will achieve a similar trajectory and reach a new all-time high above $100,000.
What's moving the financial market? Catch up with the latest market trend on WikiFX.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Global market jitters spread to crypto at the weekend, with Bitcoin falling to $42K before bouncing to almost $50K.
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The market has slightly increased after a fall, and only some coins are in the red zone.
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