Bitcoin Above $40,000 In an 8-Day Winning Streak

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Created by TradeOr

3rd Party Analysis 28 Jul 2021

Key Takeaways:

  • Bitcoin surges over 6% to a session high of $40,300 on Monday as market mood brightens
  • Comments from Elon Musk, Jack Dorsey and Cathie Wood create an improved outlook for bitcoin

Positive News For Bitcoin In An 8-Day Winning Streak

Bitcoin is trading above $40,000 in an 8-day winning streak after it broke above the threshold earlier today for the second time this week. Strong buying momentum has buoyed the leading crypto asset since the early trading hours on Wednesday leading to a 6% intraday gain.

The flagship token reached a session high of $40,300 in early Wednesday action and is currently hovering around the $40,000 milestone. Prior to today, the asset attempted to pierce the $40,000 mark on Monday when it reached as high as $40,500.

Improved market sentiment has been driving the price of bitcoin higher for eight straight days, signaling a continued recovery and a renewed surge in interest over the nascent asset class. While bitcoin remains far below its all-time high of $64,800 per coin, the crypto asset has regained as much as 35% since Wednesday.

How Did Bitcoin Perform Last Week?

Last week, bitcoin reached a two-month low, falling to $29,300 on Tuesday. In the span of a week of trading, the orange coin has added nearly $11,000 to its price, bringing its market valuation near $750bn.

The China crackdown narrative now seems dealt with, while Elon Musk, Cathie Wood and Jack Dorsey have improved the positive sentiment over the market. In addition, speculation over Amazon’s potential interest in bitcoin and cryptocurrencies has provided more fuel to the upside.

The soaring price of bitcoin on rosier market expectations and prospects for growth via mass adoption has been largely awaited by the crypto faithful.

Major crypto assets have experienced a wave of buying over the recent days. Ether is trading higher by over 30% for the last seven days. The Ethereum token earlier today reached a session high of $2,330. Dogecoin, the popular joke cryptocurrency favored by Tesla CEO Elon Musk, has advanced about 15% over the past week.

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