Bitcoin Price Rises 22%, BTC / USD Buyers Prepare for a Breakout Above $ 42k?
At the time of writing, the price of Bitcoin is slightly below the psychological round number of $ 40k. However, buyers are delighted, expecting an increase in the next few days.
There are encouraging fundamentals that could drive the increase. For example, there are more Bitcoin and cryptocurrency holders.
Blockchain's popularity continues to rise as more people around the world realize the advantage of censorship-resistant and distributed financial products.
Bitcoin is one of the first blockchain applications. Statistics now place the number of headlines above 116 million. This is double the number of forks at the beginning of this year, which is technically a bear market.
In the last three to four months, the price of Bitcoin has more than halved, going from $ 64k to less than $ 26k in a relentless correction.
The number could rise further as PayPal plans to extend the buying and selling of cryptocurrencies to the UK from August.
Bitcoin and Crypto Regulatory Supports
Analysts also expect Bitcoin to permeate and find adoption around the world, more as they are formulated and turned into more progressive laws.
The push from legislators, especially in the US, for regulation is a breath of fresh air for institutions.
Bound by compliance requirements, they can only invest in Bitcoin and get much-needed exposure only if there are targeting laws.
The United States could make other governments follow suit holistically, helping the community grow, directly supporting crypto prices.
Bitcoin price analysis
At the time of writing, the price of Bitcoin is stable but is up an impressive 22 percent in the last week of trading.
Technically, the arrangement of the candles on the daily chart favors buyers, specifically, the increase of more than $ 36 thousand triggered the demand, which generated buying pressure.
Consequently, as it stands, each low could provide a loading opportunity for aggressive traders targeting $ 42k in the near term.
A close beyond this psychological resistance level could see BTC / USD soar even higher towards $ 50k in the medium term.
The case will be stronger if the breakout occurs with a marked rebound in trading volumes.
On the other hand, $ 36k is the immediate support line, which anchors buyers.
Graphic courtesy of Trading View
Disclaimer: The opinions expressed are not investment advice. Do your research.
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