The rumor that Amazon would accept cryptocurrency payments sparked a wave of bullish enthusiasm across the crypto market earlier in the week, but now this sentiment has begun to wane as Bitcoin (BTC) bulls face stiff resistance at the $40,000 level. Data from Cointelegraph Markets Pro and TradingView shows that bears have fended off multiple attempts to flip the $40,000 level to support, and defense of this zone continued on July 29 as Bitcoin's stagnant price action and added to concerns that the price could fall back to last week's $35,000 to $30,000 range. Here’s what analysts and investors are …

Bitcoin (BTC) rose above $40,000 on July 29, a day after the Federal Reserve hinted that it was getting nearer to unwinding its asset purchasing program that has boosted the economic recovery of the United States. The benchmark cryptocurrency previously approached $41,000 ahead of the critical Fed update. Nonetheless, it started losing upside momentum after the Federal Open Market Committee (FOMC) released its policy statement, followed by a press conference helmed by the Fed's chairman, Jerome Powell. As economists expected, Fed officials left their monetary policy unchanged at the end of their two-day policy meeting. They noted that the U.S. …

Ether (ETH) and Bitcoin (BTC) pulled back on Wednesday as investors awaited fresh guidance from the United States Federal Reserve. ETH’s price slipped by 0.57% to $2,857, while the BTC/USD prices were up 0.68%, changing hands at $39,739 at around 10:30 am EST. Nevertheless, both pairs reached their current levels following a downside correction from their respective intraday highs of $2,391 and $40,925, respectively. Traders raised their exposure in the cryptocurrency market after Tesla’s Elon Musk, Ark Invest’s Cathie Wood and Twitter’s Jack Dorsey spoke in favor of Bitcoin during “The ₿ Word” conference last week. More tailwinds came amid …

The price of Ether (ETH) jumped to a three-week high on Monday, triggered by similar gains in the Bitcoin (BTC) market that appeared in the wake of rumors about Amazon’s foray into the cryptocurrency sector. A job posting from the retail giant showed that it is seeking an executive to build its “digital currency and blockchain strategy.” Meanwhile, global media reports have been speculating, based on inside sources that Amazon would start accepting Bitcoin as payments. As a result, the BTC/USD exchange rate surged to its six-week high after the news. Ether, whose 30-day correlation with Bitcoin stands at 88%, …

A four-day winning streak brought the Bitcoin (BTC) prices closer to testing its 50-day exponential moving average (~$35,115) as resistance. The wave, which was instrumental in strengthening Bitcoin's bullish bias across 2020 as support, flipped to become a resistance during the May 2021 sell-off. In doing so, it capped the cryptocurrency from extending its upside rebound moves many times. For instance, Bitcoin's drop from $56,900 to $30,000 in mid-May prompted bulls to buy the dip. As a result, the cryptocurrency shot back above $40,000 but found its bullish momentum exhausting right near the 50-day EMA. The scenario repeated multiple times …

The ongoing story for the past couple of months in the cryptocurrency market has been confusion on whether Bitcoin (BTC) is destined for another leg down or is finally ready to break out toward new highs. Bitcoin's price history and data from previous corrections suggest that the current struggles for the top cryptocurrency could persist for a little bit longer due to the strengthening dollar, the possibility of decreasing economic stimulus and a slew of technical factors connected to Bitcoin's price action. A strong dollar threatens Bitcoin's recovery According to data from Delphi Digital, one of the biggest factors placing …

Bitcoin's (BTC) latest rebound from below $30,000 has increased its prospects of extending its retracement move higher, at least according to one classic technical pattern. Dubbed as Broadening Formation, the megaphone-shaped pattern appears when the price moves inside two diverging trendlines. Investopedia states that a broadening formation represents disagreement over the next potential bias among investors. As a result, the price forms higher interim peaks and lower interim lows. Bitcoin appears to be trading inside a similar structure, as shown in the chart below. Nonetheless, the cryptocurrency lacks volatility, one of the key features of the broadening formation pattern. Should …

Bitcoin (BTC) has a better probability of recovering back to $60,000 than breaking below its current support level of $30,000 to target $20,000, believes Mike McGlone, senior commodity strategist at Bloomberg Intelligence. A screenshot from McGlone's latest analysis on the flagship cryptocurrency, first shared by Bloomberg senior ETF analyst Eric Balchunas, shows him comparing Bitcoin's ongoing price action with the "too-cold" period of the 2018–2019 trading session. In detail, the BTC/USD exchange rate entered a prolonged consolidation period near $4,000 following an 80%-plus crash in 2018, but a sudden run-up in 2019 sent its prices to as high as $14,000 …

Traders are showing a renewed sense of hope after Bitcoin’s (BTC) price held onto the $32,000 range for what could be the second day in a row. Data from Cointelegraph Markets Pro and TradingView shows that bulls have managed to regroup at the $32,000 level, where Bitcoin has hovered throughout the day, but traders are patiently waiting for further confirmation that Bitcoin may be in the midst of a trend reversal before fully reentering the market. Here’s what analysts and investors expect next from Bitcoin’s price. CME futures see a bullish surge According to a recent report from Delphi Digital, …

Ethereum’s native cryptocurrency, Ether (ETH), rebounded sharply on Thursday after Elon Musk disclosed for the first time that his private rocket firm, SpaceX, holds Bitcoin (BTC) and that Tesla would probably resume the Bitcoin payments option for its electric cars. The BTC/USD exchange rate was below $30,000 but bounced by more than 5% after the big reveal, touching an intraday high of $32,895. Ether, which tends to move in lockstep with Bitcoin, surged likewise. It reclaimed $2,000 on Wednesday, rising by as much as 18.20% from its week-to-date low of $1,720. Lukas Enzersdorfer-Konrad, chief product officer of financial services company …

Bitcoin’s (BTC) painful plunge below $30,000 on Tuesday turned into a so-called “buy the dip” opportunity for Alameda Research, a Hong Kong-based quantitative trading firm and liquidity solutions firm headed by FTX CEO and founder Sam Bankman-Fried. Quantitative trader Sam Trabucco revealed late Tuesday that the company purchased Bitcoin during its latest price decline, adding that the company’s cautious strategy to go long BTC/USD surfaced out of at least three “recovery” catalysts: a potential end to the ongoing crypto FUD (China ban, Grayscale epic unlock, etc.), the stock market’s intraday recovery, and weaker long liquidations in the derivatives market. “In …

Bitcoin (BTC) prices broke below a long-standing support wave that was instrumental in keeping its strong bullish bias intact after March 2020's crypto market crash. Dubbed the 50-week simple moving average, or 50-week SMA, the wave represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles. For instance, the 50-week SMA acted as support during the 2018 bear market. The wave helped prevent Bitcoin from undergoing deeper downtrends — between February 2018 and May …