Bitcoin Hits Six-Week High as Market Sentiment Turns Bullish
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Bitcoin (BTC) has touched its highest point since mid-May and continues to capitalize on the bullish momentum as the cryptocurrency market recovers from the recent crash.
The benchmark cryptocurrency rallied for the tenth consecutive session now and currently trades at $41,900, with analysts highlighting that $40k is the price point to watch in the near term.
Speaking on the development, Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, noted that the current rally suggests a flow back into the market. He added that:
“Of course, it now needs to stabilize here – and above the high from May 20 would be further confirmation.”
Meanwhile, Oanda’s senior market analyst for North America, Edward Moya, appears to be more apprehensive about the recent price moves. Moya noted on Friday that:
“Retail interest is strong while institutional interest is somewhat lagging and needing fresh endorsements.
Bitcoin volatility might remain elevated at the weekend, and traders should not be surprised if a [steep increase] occurs towards the $42,000 level during some illiquid times.”
Nonetheless, the primary cryptocurrency currently resides at a technical level where a sprint towards the $45k level is imminent.
Key Bitcoin Levels to Watch — August 1
Bitcoin has finally broken above the $41k pivot point as the benchmark cryptocurrency touches the $42.5k resistance for the first time since May 20. However, the cryptocurrency recently slid below the $42k line, threatening a correction to the $41k critical level.
That said, we could see a mild drop to the $41k line in the coming hours, where bulls could facilitate a sharp rebound above the $42.5% level. Nonetheless, the path of least resistance currently tilts to the upside, further solidifying the prevailing bullish bias.
Meanwhile, our resistance levels are at $42,000, $42,600, and $43,000, and our key support levels are at $41,000, $40,500, and $39,500.
Total Market Capitalization: $1.67 trillion
Bitcoin Market Capitalization: $786.2 billion
Bitcoin Dominance: 47.1%
Market Rank: #1
