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- Bitcoin is surging and is testing resistance at $40,000
- BTC’s price is again trending above its 50-day moving average.
- Polkadot and Chainlink were among the significant gainers today.
Finally, Bitcoin has started its upwards journey and is poised to test resistance at $40,000 for the first time this month. Amid a tight squeeze, BTC gained 15% in 3 hours.
For the first time this month, Bitcoin is surging and is testing resistance at $40,000. BTC prices rose by 10% a few hours earlier in the day. At present, the prices are hovering around $35,000 and are set to touch the resistance level of $40,000 on July 26, 2021.
The price tug-o-war reveals a violent squeeze as the prices breached the $35,000 mark. However, the bullish sentiments quickly accelerated as prices rallied 15% from roughly $34,000 to $39,800 over fewer than three hours.
Bitcoin is changing hands for roughly $38,500
BTC has taken five days to surge from $30,000, where it was stagnating for some time to $34,000. As of this writing, Bitcoin is changing hands for roughly $38,500. As per CoinMarketCap data, Bitcoin is the top gainer in the past day and is the number one gainer among 30 crypto assets by capitalization, posting nearly 13%.
Surge authenticated by numerous technical indicators
The rise in BTC values has also been authenticated by multiple technical indicators, which point that there is a bullish trend in the offing. Famous analyst, Lark Davis, informed this welcome news to 426,000 followers that BTC’s price is again trending above its 50-day moving average.
The positive sentiments for BTC were infectious, and it rubbed on to other crypto assets also. Polkadot and Chainlink were among the significant gainers today, and their values surged by 11% in the past day.
For Dogecoin, it is evident that Elon Musk’s tweets no longer impact like in the past. The Tesla chief was a diehard fan of the meme-based cryptocurrency. However, he once called the crypto coin a hustle. In recent times the Tesla CEO posted a meme asserting that “Dogecoin is money” on July 25. However, it did not impact Dogecoin up less than 9% for the day.
Large-cap crypto assets have posted high single-digit gains for the day
Despite the efforts by Musk, the meme coin appears to have hit a bump with the broader altcoins markets. Most large-cap crypto assets have posted high single-digit gains for the day. Next month the London upgrades for Ethereum are due. However, Ether was lagging behind its brethren and posted only an increase of 7% in the past day. ETH remains the weakest cryptocurrency in the last 24 hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
