BTC Consolidates around $40,000 mark, A sustained close on $40,800 Requires for the Upside Rally; July 29, 2021

Bitcoin consolidates around $40,000 mark but faces key hurdles to break at $41,000 mark. If it breaks then can reach to $45,000 level, alternatively, reversal will drag the parity back below $32,000 mark.

Top 5 Headlines on Digital Currency:

  • The success of Bitcoin and other flagship Altcoins have led to the creation of many coins and blockchains with their own individual utilities, one of the upcoming cryptocurrency is Telcoin – Investing.
  • One of Southern California’s largest independent escrow companies, Glen Oaks Escrow, has announced its first property refinancing with a Bitcoin-backed loan – Investing.
  • Genesis Digital Assets has become the latest Bitcoin mining firm to raise millions towards plans for aggressive expansion amid the exodus of miners from China due to its crackdown on the sector – Investing.
  • Republican Senator and Bitcoin proponent Cynthia Lummis said that massive government spending is accelerating crypto adoption – Investing.
  • Galaxy Digital CEO Michael Novogratz says that cryptocurrencies, such as bitcoin, have bounced back because institutional investors are buying – Investing.

Technical View:

  • The bitcoin consolidates around $40,000 mark.
  • The pair made intraday high at $40,300 and low at $39,239 mark.
  • Today a day chart and H1 chart with triple EMA confirms bullish trend in short run.
  • A sustained close above $40,800 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $38,477 will check further supports.
$39,050 $40,596
$38,477 $40,799
$38,040 $40,911
$37,660 $41,050
$37,100 $41,323

Take a look and do trade wisely!
Good Luck