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Bitcoin price over $41k after a long time

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Redakcja
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3 min reading

Analysts are wondering if the worst time has gone by as the stiff price resistance is still seen in the low range of $40,000. The Bitcoin (BTC, -0.34%) price was above the $41,000 the highest since May, soon after a 10-day winning streak that was considered as the longest in eight years for the largest cryptocurrency.

Analysts are wondering if the worst time has gone by as the stiff price resistance is still seen in the low range of $40,000. The Bitcoin (BTC, -0.34%) price was above the $41,000 the highest since May, soon after a 10-day winning streak that was considered as the longest in eight years for the largest cryptocurrency

During the present time bitcoin (BTC) was changing hands at $41,344 higher than 6.2% over the past 24 hours. Other CoinDesk 20 digital assets were in a safe position with Ether (ETH, +5.02%) (ETH) rising 4.5% to $2,453 and chainlink (LINK, +5.95%) (LINK) increasing up to 13% to $21.72. even though the Bitcoin price lowered after 0:00 coordinated universal time (UTC) on Saturday, it marked 10 consecutive daily increases from July 21 through Friday, the longest winning streak since 2013. 

Bitcoin has reached a record-breaking level near $65,000 in mid-April as market euphoria increased and the U.S exchange Coinbase went public through a direct stock listing. The price fell over the next few months as China broke down on cryptocurrency mining and exchanges and regulators across the world moved to tighten industry rules. The federal reserve started to think about narrowing its $120 billion-a-month of asset purchases which is a form of extreme monetary stimulus which has been a huge motivator of the investment aspect that bitcoin could promote as an effective hedge against inflation and currency debasement. 

Retail investors who had accumulated into bitcoin as prices increased early in the year rushed to exit positions. While on the other hand huge institutional investors grew to be unwilling to enter the market at lofty valuations. Prices traded in a range between $30,000 and $40,000 for at least two months. Soon after bitcoin was shortly lowered in a range between $30,000 and $40,000 for about two months. But after bitcoin for a short time went down $30,000 on July 20, the cryptocurrency began a balanced climb that has put it on track for an 18% gain in July, the first monthly increase in three months. “the incredible winning streak comes at a very strange time when the FUD is thick,” Mati Greenspan, founder of the cryptocurrency and foreign exchange analysis firm quantum economics said that FUD is an acronym for “fear, uncertainty and doubt,” which is a term often used by crypto traders and analysts to point out any negative news. 

Bitcoin price resistance is considered as tough in the low $40,000 range: “BTC is potentially rangebound until it breaks and closes above $42,000,” based on the digital-asset firm Eqonex. “Trendline support has moved up to $38,200, with $36,500 the next support.” There are some industry analysts who are still concerned whether or not the worst period has passed or not. “Something feels different this week, max fear seems to have disappeared.” On a year-to-date basis, Bitcoin is increased by 43% outperforming big-time with the 17% year-to-date gain in the standard and poor’s 500 index. 

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