The price of bitcoin has risen above $40,000. On July 27, Bitcoin (BTC) reached $40,370, marking the return of a major price milestone after a strong day of increases.
Throughout the day, the pair hung on to earlier gains from the night before, circling $38,000, before a new surge took hold after the Wall Street open.
BTC price was hanging around $40,000 resistance again in two days after six weeks of pacing between $30,000 and $36,000. The increased engagement of traditional banks and entrepreneurs such as Elon Musk and Michael Saylor, according to the crypto community, is directly responsible for the rising BTC price.
Elon Musk and Michael Saylor have emerged as two of the most powerful figures in the cryptocurrency world. The TIE and eToro USA have released a new sentiment-driven research that reveals the breadth of their influence.
Amazon’s rumored interest in cryptocurrency pushed the price higher this week, however the internet titan later rejected the reports.
BTC volatility made headlines again
Bitcoin’s (BTC) volatility resurfaced after the original cryptocurrency briefly reclaimed the $40,000 barrier before plunging to $39,000 levels. Following a two-week bearish trend that began on July 15.
At the time of writing Bitcoin is ranked 1st cryptocurrency. Currently, the price of BTC is $40,203.36 with the change of 7.68%. Its trading volume in the last 24 hours is $38,077,658,058 along with market cap of $753,329,171,065. Circulating supply of the token is 18,769,031.00 BTC.
According to current price indicators, Bitcoin may stick to its continuous support of $30,000–$40,000. Bitcoin is yet to see a positive change of $20,000 before it can achieve its former glory of $60,000. The sudden push to exit an instant resistance does not coincide with the $30,000 corridor, despite what appears to be a good indicator.
In a recent study of portfolio managers and equity strategists conducted by CNBC, 44 percent of respondents believed Bitcoin’s price will fall below $30,000. The remaining 56% of investors were more positive, with 6% expecting Bitcoin to hit $60,000, close to its all-time high of $65,000.
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