Bitcoin (BTC) Sustains Recent Rallies as Bitcoin Revisits $40,000 – July 27, 2021
Bitcoin’s (BTC) price surges ahead as Bitcoin revisits $40,000 on July 26. Bitcoin bulls overcame the resistance levels of $34,400 to $35,000 as the price rallied to the previous highs.
However, buyers failed to sustain the bullish momentum above the $40,000 high. The bull’s next target is to breach resistance levels from $40,000 to $42,450 high.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $40,000, $39,000, $38,000
Following the successful breaching of the $35,000 resistance zones, BTC/USD rallied to the high of $40,000. However, subsequent bullish momentum has been stalled below the overhead resistance. For the past 24 hours, BTC’s price has retraced to the support above $36,000.
The upward move will resume if the current support holds. Meanwhile, BTC’s price is fluctuating above the $36,000 support for a possible upward move. Above the current support, if the bullish momentum is sustained, BTC price is expected to rally above the $40,000 psychological price level. More so, if the bulls clear the $42,450 resistance level, the market will commence the resumption of upside momentum.
BTC price is capable of revisiting the previous highs. Incidentally, buyers will encounter stiff resistance between $40,000 to $42,450 price levels. Conversely, if buyers fail to sustain above the $40,000 resistance, Bitcoin will fall and resume range-bound movement between $31,000 and $40,000.
Kazakhstan Allows Banks to Process Crypto Purchases
The Kazakhstan government is planning to authorize local banking institutions to service the crypto sector, per reports from local news outlet Khabar. Once this is finalized, banks in Kazakhstan will soon have official approval to service companies and businesses operating in the crypto space.
The government said the new project in Kazakhstan is to enable local crypto businesses to provide crypto investment services legally. The pilot project will run for one year, to enable local crypto businesses to provide crypto investment services and allow investors to buy and sell cryptocurrencies like Bitcoin.
Also, the Kazakhstan government will attempt to assess the potential risks associated with digital currency investment. Though, crypto trading has not officially begun in the country.
Following rejection at the $40,000 high, BTC/USD found support above the $36,000 as Bitcoin Revisits $40,000.
Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but reverse at level 1.272 Fibonacci extension or level $43,372.20. Bitcoin will reverse to the 78.6% Fibonacci retracement level where it originated.
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