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After six weeks of pacing between $30,000 and $36,000, the Bitcoin price is now hovering around the $40,000 resistance level for the second time in two days.
Bitcoin (BTC) volatility made headlines once more after the original cryptocurrency briefly reclaimed the $40,000 mark before falling back to $39,000 levels. Following a two-week bearish loom that began on July 15, Bitcoin is attempting to break the $40,000 resistance for the second time in two days.
Based on the data from TradingView, BTC witnessed a bull run for trading pair BTC/USD from 21 July that resulted in a spike of 34.13% in just seven days.
The crypto community directly attributes the rising BTC price to the increased involvement of traditional banks and entrepreneurs like Elon Musk and Michael Saylor. This week, Amazon’s rumoured involvement in cryptocurrency pushed the price up, though the tech behemoth later denied the rumours.
While current price indicators suggest that Bitcoin may maintain its current support range of $30-40,000, BTC still requires a $20,000 positive change before reclaiming its former glory of $60,000.
The sudden push to exit an immediate resistance does not accompany the $30,000 corridor, which may appear to be a good indication. At the time of writing, the price of Bitcoin is approaching $39,500.
In a recent CNBC poll of portfolio managers and equity strategists, 44 percent predicted that Bitcoin’s price would fall below $30,000. The remaining 56% of investors were more optimistic, with 6% expecting Bitcoin to reach $60,000, close to its all-time high of $65,000.