Despite the short-term effect of rumors that Amazon was going to accept Bitcoin this year and the subsequent pullback, the BTC/USD pair was able to find support in the area of $36500 and start a new rally. As a result, today the BTC/USD pair was able to rise above $40000 and reach a high of around $40927. This is the highest value since May 21st.
At the time of publication, the BTC/USD pair has dropped below $40000 and is trading at around $39660. The failure to raise the price above $40000 suggests that this level provides enough resistance at the moment. Successfully overcoming the resistance area of 40000-40500 will allow the BTC/USD pair to rise to the area of $42000.
If the BTC/USD pair does not overcome the resistance area of 40000-40500, we can expect a new correction. In this case, the BTC/USD pair will find the first support at around $39200. Further, the $38800 mark will provide support for the BTC/USD pair. However, below this level, the BTC/USD pair may drop to the area of $37500.
According to Santiment, online activity has skyrocketed amid the strengthening of the BTC exchange rate. Trading turnover is now at a five-week high, and the number of active addresses has reached its highest level in the past three weeks.