Bitcoin Steady Around $40,000 After an 8-Day Win Streak

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Created by TradeOr

3rd Party Analysis 29 Jul 2021

Key Takeaways

  • The price of bitcoin gyrates near $40,000 on Thursday after a strong 35% gain in eight days
  • Bitcoin on exchanges has been declining, signaling large-scale investors are returning

Bitcoin Steady Around $40,000

The largest cryptocurrency token is gravitating toward the neighborhood of $40,000 on Thursday. The coin made a session high of $40,250 and an intraday low of $39,250. Crypto market participants are so far able to keep the price hovering around the flatline. Efforts, however, would need a slight boost to close the day in positive territory as it’s currently trading mildly below the opening price of $39,900.

Still, bitcoin’s positive trading for the past eight days resulted in the token’s longest winning streak in 2021. Amid brightening prospects for the crypto industry, the nascent market rebounded with bitcoin leading the gains among the major coins over the past week.

Since last Wednesday, Bitcoin has advanced over 35% as more than $10,000 were added to its market price. The improved market momentum is lifting other coins such as Ether and Dogecoin. Ether, the second-largest cryptocurrency, today is trading sideways near the level of $2,300. The token is higher by roughly 30% since Wednesday when the market sentiment shifted to the upside. Dogecoin, the joke crypto token, has seen a more moderate climb in its price, up about 17% Wednesday-to-date.

Cryptocurrencies Making a Comeback

The recent rise in the price of the leading cryptocurrencies is a sign interest in the digital asset market is making a comeback.

Moreover, blockchain data provider Glassnode said about $2.5bn in bitcoin has been taken off crypto exchanges. The balance of bitcoin held on major exchanges fell by over 63,000 BTC over the last few days. The move is largely signaling institutional investors are getting back into the market after a weeks-long absence.

Bitcoin bulls would need to make serious contributions in order for the price to break above the current threshold. The $40,000 level has been a solid resistance for bitcoin since Chinese authorities ordered a ban on crypto mining and trading near the end of May.

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