The recent fluctuations in the price of bitcoin were such that we saw the formation of a support above $ 32,000. Relying on this support, Bitcoin managed to cross the $ 35,000 resistance and peak at $ 40,000. Bitcoin is currently trading in the $ 38,300 range.
to the Report In addition to the price of bitcoin, cryptocurrencies, the market index penins, also jumped significantly. These include Ethereum, which reached $ 2,250 and Ripple jumped 10 percent.
In the last few hours, something like $ 900 million has been traded in the liquid derivatives markets, 92% of which have been short positions. Bybt data show that 80% of the liquidity was related to bitcoin transactions.
Rumors that Amazon will accept bitcoin by the end of the year have been cited as one of the main reasons for the market’s rapid acceleration. In addition to bitcoin, Amazon reportedly plans to adopt other digital currencies such as Ethereum, Cardano and Bitcoin Cash. The company has previously sought to hire a director of digital currencies and blockchain in China. An Amazon spokesman recently said about recruiting new staff:
We are inspired by the innovations created in the digital currency space and we are looking to explore this area and we want to see how they will be used in Amazon. We think the future is shaped by new technologies that enable cheap, fast and modern payments. We hope to bring these future developments to Amazon customers as soon as possible.
As mentioned earlier, after the price stabilized above 32,000, Bitcoin started its main uptrend and managed to cross the resistance levels of $ 35,000 and $ 36,500. The digital currency even went as high as $ 39,800, but was later revised.
$ 37,800 is the first support for this digital currency. $ 36,500 also serves as the main support for the Bitcoin price. $ 40,000 is the first resistance that Bitcoin will face in its uptrend.
Mike McGlone, Bloomberg Senior Strategist, writes, referring to the historical behavior of Bitcoin in its revivals:
Bitcoin is likely to move towards the $ 60,000 resistance.
According to McGellon, the probability of moving to $ 60,000 is higher than reaching $ 20,000.
Status of Altcoins
Ethereum prices have started to rise strongly. The digital currency managed to break the resistance of $ 2,200 and $ 2,250 and stabilized above $ 2,300. Ethereum currently trades in the $ 2,330 range. It is possible that we will see more Ethereum peaks in the near future.
If Ethereum corrects, $ 2,250 will be the first support. $ 2,200 is the main support for this digital currency.
In the last 24 hours, Cardano jumped over the $ 1.25 resistance barrier and even reached $ 1.3. $ 1.4 The next resistance is Cardano’s price. Each Cardano unit currently trades in the $ 1.34 range.
Dogecoin also managed to grow 15% to over $ 0.2 after Ilan Musk tweeted. If the Dogecoin stays above $ 0.22, it could make a steady move towards the $ 0.25 level.
The price of Ripple also rose to above $ 0.6 a few hours ago and has now reached $ 0.65. $ 0.7 is the main resistance to the Ripple price.
Many other altcoins, such as Sushi, DigiBite, Algrand, ChinaLink, and BitTorrent, also jumped about 10 percent.