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Sunday, July 25, 2021

Bitcoin Price Has Touched $41K After A Couple Of Months

The price of Bitcoin has gone above $41k which is quite interesting- especially in a market that seems quite muted on the 15th of June. The overall mood seems to be on the down-low as most of the altcoins have been trading on a continuous flat. BTC’s price movement could be an indication that the market was moving in favor of the bulls.

According to data from TradingView and Cointelegraph Markets, the last few hours saw the price of BTC rallying to about $41,330- but then the breakout with overhead resistance levels selling. 

Bitcoin and Other Altcoins Rallying Forward

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For others, one of the most important gauges of investor sentiment is the Rekt Capital with an exponential moving average of 200- which Bitcoin tried to surpass on Tuesday. Unfortunately, it got rejected pretty heavily. After the rejection at the 200 EMA, the cryptocurrency went through with a rapid sell-off which decreased the valuation to $39,500- which implies that they might be moving towards a much lower value. 

Bitcoin wasn’t the only cryptocurrency to move ahead, as Shiba Inu also rallied to a price of 33% after the markets discovered that the token trading for this cryptocurrency would be supported by Coinbase Pro on the 17th of June. After this announcement, several other altcoins like Chiliz and KEEP also managed to rally at a price of 18% and 10% respectively.

ICON managed to get a boost after a new Ethereum Virtual Machine got released along with a compatible blockchain called ICE. According to data from Cointelegraph Markets Pro, there is a bullish outlook for Icon, which would be a precursor to the market price rise. 

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Interestingly, the market cap of the overall cryptocurrency market now stands at $1.685 trillion, after multiple shedding. On the other hand, Bitcoin is slowly gaining back its ground with a dominance rate of 44.6%

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