Flagship cryptocurrency Bitcoin has been picking up speed since July 20 after plunging to a low of $29,278. It traded at a day-high of $40,900 earlier on Thursday.
Last week, Bitcoin attained the $40,000 price mark for the first time since the mid-May crash, following the massive support it gathered at the B-word July 21st conference, featuring high-profile personalities such as Twitter’s Jack Dorsey, Tesla’s Elon Musk and Ark Invest’s Cathie Wood.
Almost breaking through the $40k opposition zone, a further move beyond that would have confirmed predictions of a bullish move. The $40,500 is precisely the resistance zone and also the 0.382 retracement resistance point.
Nonetheless, the uptick move on the day has instigated a bullish pattern on technical indicators. Stochastic created a positive cross while Relative Strength Index has already crossed 70. On its end, MACD is gaining and almost in the green.
Seven consecutive green candles have been created since Bitcoin’s low last week. Although this was unlikely to happen, a few negative candles may surface after that.
Altcoins in Green
A different altcoin, Thorchain’s $RUNE, leads altcoin gainers today despite suffering an exploit a few days ago. $RUNE has obviously rebounded and gained 35% on the previous day. The token is currently trading at $5.1, still far below its $20 ATH during the bull run in May. Thorchain suffered two exploits within July, leading to a -11% on the price of $RUNE.
$XVS is the biggest altcoin loser, shedding off 8% from a price of $25. $AXS is now trading at $43 after reaching $53 earlier this week. A 4% drop is however significant compared to its gain since the week before.
Other Crypto Updates
- Ethereum-based DeFi protocol, Uniswap looks at a potential collaboration with PayPal, Robinhood and E*Trade.
- The US President, Joe Biden proposes an infrastructure bill to be funded with taxes on crypto.