After six weeks of trading between $30,000 and $36,000, BTC’s price is now getting to $40,000 resistance once again in two days.
Bitcoin’s (BTC) volatility surprised everyone once again after the number one crypto coin briefly hit its $40,000 mark before going back to $39,000 levels. This is the second time Bitcoin is thriving to break $40,000 resistance in two days; these efforts come after a two-week-long bearish sentiment that started on July 15th.
Based on the data from reputable sources such as Cointelegraph Markets Pro and TradingView, BTC saw a bull rally for trading pair BTC/USD from July 21st that ended in a growth of 34.13% in just a week.
Boosting BTC price could be attributed to the massive involvement of traditional banks and entrepreneurs such as Elon Musk and Michael Saylor. This week, Amazon’s secret involvement in crypto also raised the price, although the tech giant later denied those rumors.
While the present price indicators show that Bitcoin may remain within its support of the $30-40,000 mark, BTC may still see a change of $20,000 before it can touch its all-time glory of $60k.
What may seem like a good sign, is the unexpected push to exit an immediate resistance which does not accompany the $30,000 corridor. By the time of writing, Bitcoin price is closing in to $39,700.
In the latest survey managed by CNBC on a group of portfolio managers and equity strategists, 44% of the participants felt that Bitcoin price would drop down below $30,000. The other 56% of investors shared a more bullish forecast, with 6% hoping to see Bitcoin reach $60,000, near its $65,000 all-time high.