BTC Exhibits Range bound movement, a Successful Close Above $40,800 Requires for the Upside Rally; July 30, 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 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 – Investing.
  • Glassnode, Bitcoin exchange balances have dropped to the lowest levels since the deep crypto winter of late 2018 – Investing.
  • Business intelligence and mobile software firm MicroStrategy has pledged to buy more Bitcoin despite reporting impairment losses of $424.8 million in Q2 – Investing.
  • U.S. Senator Cynthia Lummis is pushing for regulation that would ensure bitcoin remains a good store of value. If the cryptocurrency “is to become what El Salvador has done, legal tender, then we need to make sure that we are using it in ways that comply with the Bank Secrecy Act and anti-money laundering laws” – Investing.
  • The International Monetary Fund (IMF) is advising all countries to avoid making bitcoin or any other form of crypto their national currencies – Investing.

Technical View:

  • The bitcoin exhibits range bound movement and trading around $40,000 mark.
  • The pair made intraday high at $40,255 and low at $39,568 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