At the time of this report, Bitcoin (BTC) was changing cards at $41,344, up 6.2% over the past day. Some other crypto coins, Altcoins, were also in the green light too. As to continue, Ether (ETH, +3.95%) (ETH) rising 4.5% to $2,453 and chainlink (LINK, -0.52%) (LINK) jumping 13% to $21.72.
However, the Bitcoin price decreased after 0:00 coordinated universal time (UTC) on Saturday. But it had experienced 10 consecutive daily increases from July 21 through Friday. Which it was the longest winning streak since 2013.
Bitcoin got an all-time high near $65,000 in mid-April. When market euphoria peaked and the U.S. exchange Coinbase went public through a direct stock listing. However, the price collapsed over the next few months as China cracked down on cryptocurrency mining and also exchanges and regulators around the world moved to make harder industry rules. The Federal Reserve started to think about tapering its $120 billion-a-month of asset purchases.
That could be a form of extreme monetary motivation that has been a big operator of the investment narrative. Which bitcoin might serve as an effective hedge against inflation and currency debasement.
Retail Investors Actions
Retail investors who had piled into bitcoin as prices boosted early in the year moved to exit positions so hasty. As big institutional investors grew unwilling to enter the market at lofty valuations. Prices traded in a range between $30,000 and $40,000 for about two months.
But after bitcoin shortly slipped under $30,000 on July 20. The cryptocurrency started a steady ascent that has put it on track for an 18% gain in July. The first monthly rise in three months.
“The incredible winning streak comes at a very strange time when the FUD is thick,”. Mati Greenspan is founder of the cryptocurrency and foreign-exchange analysis firm Quantum Economics. He mentioned this on Friday in a newsletter. FUD is an acronym for “fear, uncertainty and doubt,”. A term often used by crypto traders and analysts to point to any negative news.
Bitcoin price resistance
The analysts saw Bitcoin price resistance as hard in the low-$40,000 range: “BTC is potentially rangebound until it breaks and closes above $42,000,”. Based on the digital-asset firm Eqonex. “Trendline support has moved up to $38,200, with $36,500 the next support.”
But some industry analysts are thinking that if the worst of bitcoin’s late bear market might have passed.
“Something feels different this week,”. Coinbase wrote about it on Saturday in a market analysis. “Max fear seems to have disappeared.”
According to a year-to-date basis, Bitcoin is up 43%. Mostly outperforming the 17% year-to-date gain in the Standard & Poor’s 500 Index.