Bitcoin’s Price Gyrates Near $40,000 as Rally Cools Off

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Created by TradeOr

3rd Party Analysis 30 Jul 2021

Key Takeaways

  • Bitcoin hovers between $39,000 to $40,000 on last trading day of July
  • The digital asset is poised to log a monthly gain of 15%, breaking a three-month losing streak

Bitcoin’s Price Gyrates Near $40,000

The price of bitcoin has paused its move higher on the last trading day of the month. After an 8-day winning streak was broken on Thursday, bitcoin’s price has been gyrating near the tough-to-break $40,000 threshold.

Nevertheless, the leading digital currency remains well-bid for the month. Performance of the flagship cryptocurrency over the period of July has been positive by over 15% month-to-date. Moreover, if bitcoin’s price closes above the monthly open of $34,500, the asset will snap three back-to-back months of losses.

The quarter that ended June marked one of the worst quarterly performances for the original coin. Over that period, bitcoin’s price declined by nearly 42% as the market mood darkened in May when Tesla abandoned bitcoin as payment and China introduced a ban over crypto mining and trading.

The Digital Asset is Poised for a Monthly Gain

Still, bitcoin’s growth projection improved significantly over the last ten days of July. Several key events buoyed the crypto market and propelled a rally in the prices of major crypto tokens. After Elon Musk expressed he is confident bitcoin could be brought back as payment for Tesla’s electric vehicles, the price of the asset charged to the upside.

Moreover, a job posting by Amazon saying the company was looking for a cryptocurrency expert added fuel to the upside, resulting in a gain of more than 35% over eight consecutive days. Today, bitcoin’s price hovers around $39,000 per coin, down about 2% today.

Ether’s price is faring relatively better, currently up about 2.5% on the day, hovering around $2,350 per token. The Ethereum token is higher by about 5% month-to-date as the market was largely piling into the original cryptocurrency in the past couple of weeks.

While the price of bitcoin remains pressured on Friday, market participants continue to have high hopes the rally would resume now that institutional investors are more open to embrace the nascent crypto industry.

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