Bitcoin buyers make a big stand, does that change anything on the charts?
26 Jul 2021
Not quite yet
Bitcoin has jumped by over 12% at the highs today, reaching $39,770, as buyers produce a stunning rebound upon testing $30,000 last week.
The surge is getting buyers off their seats again as price closes back in on the key psychological resistance level @ $40,000.
The good news for buyers is that they managed to escape the series of lower highs, lower lows that was established since end-June trading.
And more importantly, they managed to stop the bleeding close to $30,000, which adds to another psychological support case holding for the cryptocurrency – for now.
That said, there is more work to be done from a technical perspective to escape the clutches of the rangebound trading between $30,000 and $40,000 for the most part since the sharp drop experienced back in May.
The $40,000 mark offers a key psychological resistance now before getting to the 100-day moving average (red line) @ $40,807 and also the resistance region from the 26 May and 15 June highs @ $40,900 to $41,322.