Bitcoin Records Intense Volatility as Bullish Sentiment Returns
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Bitcoin (BTC) trades erratically over the past few days, as the broader market sentiment turned bullish. The benchmark cryptocurrency began its ascent from the $35k area on Sunday, peaked at around $40,500 yesterday, and fell to the $36,400 low earlier today. BTC trades up by 27% over the past seven days and currently trades at $38k.
The recent Bitcoin price action got triggered by both fundamental and technical factors. Technical indicators aligned impeccably with upbeat on-chain data, which resulted in substantial upward mobility.
The goodish pickup in the primary cryptocurrency also triggered a short squeeze in the market, with hundreds of millions of dollars worth of short positions getting liquidated. The ejection of sellers from the market further helped Bitcoin bulls cover more ground.
Another bullish factor was recent rumors that Amazon plans to start accepting BTC as payment by the end of the year. However, the behemoth logistics company officially denied the rumors yesterday, sending the world’s largest cryptocurrency on a bearish correction. BTC touched the $36,400 now following the announcement.
As expected, the rest of the crypto market (altcoins) took a plunge too earlier today and remains in slightly bearish conditions.
Interestingly, Bitcoin’s market dominance witnessed a surge over the past few hours, indicating that the altcoin Industry had it worse.
Key Bitcoin Levels to Watch — July 27
Bitcoin appears to have regained a healthy bullish momentum as the cryptocurrency struggles to secure a sustained break above $40k. We expect a bullish continuation over the coming hours, giving that the path of least resistance currently tilts to the upside.
That said, any bearish move from the current price point ($38k) should get arrested by the $37k – $36k support area.
Meanwhile, our resistance levels are at $38,500, $39,500, and $40,000, and our key support levels are at $37,000, $36,000, and $35,000.
Total Market Capitalization: $1.5 trillion
Bitcoin Market Capitalization: $713.5 billion
Bitcoin Dominance: 47.6%
Market Rank: #1
