Bitcoin: down at $40,000; more losses ahead?
The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin is firm despite recent rebound from $6,500
The most popular digital coin, Bitcoin is still firm on Monday notwithstanding a recent rebound from $6,500.
On Sunday, Bitcoin rallied by 0.26% after Saturday’s 0.19% leap to conclude the trading day at $6,447.9. Moreover, the weekend’s profits left the number one crypto asset with a 0.68% dive for the week.
While the final outcome turned out to be a relatively moderate one for Bitcoin, but recent days have certainly brought volatility pickup, with Sunday facing some relatively huge fluctuations, in contrast with the millpond moves in October.
Following a quite range bound morning session, a broad based crypto market sell-off definitely weighed. As a result, Bitcoin headed south through the first key support mark of $6,407.23 as well as the second major support one at $6,383.37 reaching an intraday minimum of $6,357.8 before rebounding to $6,400 levels.
The rebound to the sub-$6,400 level showed up on the back of the ongoing rebound in Bitcoin Cash ahead of another hard fork.
In addition to this, there has been another story, with some of the key digital coins demonstrating considerable profits for the last week. As a matter of fact, Ripple’s XRP rallied by 8.5% amongst the front runners, while Bitcoin Cash stood in red territory, diving by 6.38% from the previous week’s leap.
On Monday, Bitcoin managed to ascend by 0.11% hitting $6,455. Bitcoin was moving to a morning maximum of $6,481 before rebounding to a morning minimum of $6,444.4.
For the day ahead, a rebound through the morning maximum as well as a break through the first key resistance mark of $6,485.93 would definitely back a run at $6,500 before any rebound, although Bitcoin won’t require making a move in the earlier part of the day to back a rebound to $6,500.
Similar
Ethereum: faster than Bitcoin
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Grandfather of crypto falls below the $8,000 level after consolidation
Bears finally took over the cryptomarket and pulled the price for BTC down.
Latest news
Ideas for trading US stocks on July 26-30
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
Friday Trades: EUR/USD, USD/JPY, and Gold
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
Will There Be Any Changes in US Monetary Policy?
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Deposit with your local payment systems
