Bitcoin price was hovering around $40,000-mark on Thursday. The world’s oldest cryptocurrency had touched $40,000-mark on July 28 for the first time since mid-June. The crypto world saw a significant gain this week, thanks to Amazon, celebrity CEO Elon Musk. Bitcoin price jumped 0.29 per cent on day to $39,780.92 at 0835 hours IST on July 29 on coinmarketcap.com Index. Meanwhile, Ether was trading flat on Thursday. The second most popular cryptocurrency tanked 0.26 per cent to $2,284.10, according to coinmarketcap.com.
“Bitcoin, after months of facing stiff resistance in the range of $32,500-$36,000 at different points in time during the last 8 weeks, broke free, and witnessed a significant rally, as it skyrocketed and breached the $40,000 early this week. Since then it has held the fort and has been trading above the $39,500 mark convincingly. We are gradually seeing volumes build-up, which is probably why prices have held up, thanks to the positive inflows, and the resurgence of FI’s flows coming back. However, on-chain metrics haven’t been supporting the Bitcoin rally, which basically means that the network is under-utilized, and the on-chain activity needs to catch up with price performance in order to sustain the market, and hold current prices as well as instill investor confidence in the longer term,” said ZebPay Trade Desk.
“The past 24 hours witnessed Bitcoin and Ether toying with their crucial resistance levels. Bitcoin went past the $40,000 level, and Ether shot up above $2300 before facing a pull-back. Following this, we saw the crypto markets coming to a consolidation. After the volatile period was over, Bitcoin derivatives data showed that several traders had closed off their positions. It signaled that the market was indecisive, with both bears and bulls refraining from taking aggressive trades. Among the Altcoins, the highlight for the day was XRP or Ripple,” said Edul Patel, chief executive and co-founder, Mudrex, a Global Crypto Trading Platform.
“This crypto was under the hammer for a long time now because of the ongoing SEC lawsuit. Its supporters are sensing victory as the case appears to have taken a favorable turn. The coming 24 hours would determine whether the market goes higher or falls back. Traded volumes have decreased over the past two days, which might be a concern for many traders,” Patel added.