Connect with us


Bitcoin Rises By 15% To Test Resistance At $40k

The price of Bitcoin surged by more than 10% in just a few hours on Monday. Prices have skyrocketed from a mere $35k and are currently lingering close to $40k. A significant jump when we consider the sentiment that has been surrounding the markets in the past few months.

A glance at the price action chart reveals that Bitcoin prices surged high after breaking through $35k. from the price action, it is abundantly clear that the prices quickly rallied at 15% due to accelerated bullish momentum. Bitcoin prices rose from $34k and reached $39k in less than three hours after the rally, this means that the price action is testing the $40k level for the first time this month.

Bitcoin’s performance in three hours is significantly higher than its performance last week. In contrast, Bitcoin took five whole days to rise from around $30k up to $34k, while today Bitcoin reached $38k only in a few hours, though this was partially due to the sudden bullish momentum.

According to a recent statistics report, Bitcoin the dominant cryptocurrency is also been the top gainer in the past 24 hours. Bitcoin has gained 15%, while the top 30 digital assets, by market cap, have gained as much as 13% in the last 24 hours.

Aside from Bitcoin, other top gainers included Poladot (DOT) and Chainlink (LINK). DOT and LINK are among the top 30 gainers in cryptocurrency, and today both of them had increased by more than 11% in the last 24 hours amid Bitcoin’s surging.

The accelerated rally has encountered several indicators that bullish momentum is returning. Among them is a popular analyst Lark Davis, who informed his many followers that Bitcoin price is once again moving higher than its 50-day moving average.

Meanwhile, the meme-inspired cryptocurrency Dogecoin has gained less than 9% today, implying that the “Dogefather” Elon Musk’s Twitter influence on Dogecoin’s markets is starting to wane. On Sunday 25 July, the Tesla CEO posted a meme on Twitter with the statement “Dogecoin is money”.

In spite of Musk’s effort to propel Dogecoin in the market, the meme-currency has locked-steps with the broader altcoin market. The majority of the crypto-assets with large market caps are reported to have gained a single high digit today.

Moreover, Ethereum has also lagged behind the crypto assets, gaining around 7% in the last 24 hours. Despite overtaking Bitcoin earlier this year, Ethereum is now the weakest-performing cryptocurrency in the top 10 capitalizations over a 48 hour period.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Crypto

Dogecoin News Hub