Since May, nearing $40k for the first time on Monday, Bitcoin strives to cross that region for the second time this week. It has been moving up since July 20. The flagship cryptocurrency got to the $40,500 opposition zone and corrected, forming an upper wick candle.
It started another uptrend on July 27 after retracing to $36,000 and is now making another effort at moving beyond the $40,500 area.
According to reports, if a breakout occurs, the next opposition area is likely to be $47,771. Technical indicators on a day-to-day timespan are bullish, pointing to a potential breakout. Meanwhile, the Relative Strength Index is now over 70 and the stochastic registered a bullish cross. Although the MACD is recording upward movements, it is not positive yet.
The ride to $40k region began in the week, after it was reported that retail platform, Amazon integrated Bitcoin payment as a means of exchange for goods and service. As of press time, Bitcoin is trading above $39,700, still trying to break the $40k opposition zone. Notwithstanding, the charts are showing bullish signs.
Market capitalization is estimated at $1.6 trillion, positioning itself beyond the $1.25 to $1.50 trillion range. While Bitcoin gained by 7% from $36k price point, Ethereum registered 4% on a day-increase.
Biggest altcoin gainer for the day is $SUPER. It recorded a 25% increase above other altcoins, and is at $0.8 against Binance USD (BUSD). $AXS fell by 3% it is trading beyond its high last week.
In other news, Binance CEO Chanpeng Zhao has registered the exchange’s interest in complying with regulatory authorities and obtaining operating licenses in different regions where there are existing crypto regulations.