Analytics / Forex and Crypto News
It looks like Bitcoin has started a new phase of growth. Bitcoin price forms the sixth bullish daily candlestick in a row. At the same time, in 6 days the price of Bitcoin increased by almost 30%. At the time of publication, the BTC/USD pair is trading at around $38000. Today, the bulls even tried to push the price up to $40000. Bitcoin recorded a high of around $39850.
If you look at the price chart of the BTC/USD pair, you can see that the bulls activated after the price of Bitcoin rose above $32000. The price has broken upward through the border of the descending price channel, which it has been since the beginning of July. Bitcoin price is forming an uptrend on the 4-hour chart. It provides support in the region of $36000.
An unsuccessful attempt to raise the price above $40000 showed that this level provides enough resistance. The bulls will not be able to pass it the first time. A successful breakout of the $40000 level will provide Bitcoin with a new bullish rally. In this case, the BTC/USD pair may rise to the area of $42500.
If the bulls fail to close the daily price above $39500- $40000, we may see the bears activating. In this case, the BTC/USD pair may start a bearish correction towards the support level of $37500.
Despite the strong growth, investors are still wary of the market. At the same time, the index improved from extreme fear to simple fear. This means that this growth instills confidence in investors, but it is still a long time before the state of the market returns to what it was a few months ago.
Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins