‘Traders’ Take Precautions, Where Is BTC Heading? - Kakiforex.com - Financial Market Media No. 1 in the World ‘Traders’ Take Precautions, Where Is BTC Heading? ‘Traders’ Take Precautions, Where Is BTC Heading?
InstaForex

July 30, 2021

‘Traders’ Take Precautions, Where Is BTC Heading?

 The price of Bitcoin has shown an increase of 22% this week and in the meantime continues to struggle to break the $ 40,000 resistance level. As is well known among crypto market players, that the price of Bitcoin has been trading between $ 30,000 and $ 42,000 over the past 2 months. This week the increase in the price of Bitcoin to the level of $ 40,000 several times has given a new lease of life to the crypto community.


Last week was seen as a promising week for BTC with attempts to overcome the SMA20 and 50 -day MA moving lines. This is the first time BTC has traded above the MA 50 since early May. Some kritpo observers think that the price spike is in an 'uptrend' position.


Despite the encouraging momentum for the upside, BTC is still testing key resistance ranging from $ 40,000 to $ 42,000. Since the massive price correction on May 19, Bitcoin has lost momentum to close at $ 39,000 weekly.



Moreover, some argue that the BTC price will start to subside after 8 days of recording daily gains and price declines in the 4 -hour time range.


At this point should be of concern for crypto market players are the resistance levels of $ 40,000 - $ 40,500, $ 41,300, $ 42,000, $ 43,610, $ 44,750 and $ 47,800. The first support levels are at $ 39,500 then at $ 37,000, $ 36,620, $ 35,000 and $ 34,460.


The BTC price is currently trading at the $ 39,888.79 price level on the coinmarketcap.