The price of Bitcoin is recovering strongly. And sets his sights on $ 42,000.Does Bitcoin really rebound? This is indicated by Binance.
For this purpose, the value of cryptocurrencies has appreciated in the last 24 hours. Therefore, the price of Bitcoin (BTC), has risen more in recent days. In this regard, José María Rodríguez, an analyst at Bolsamanía indicated: «We are going for the third month of lateral movement, which on the other hand is not bad news at all».
Also, he added: «The resistance is clear. In mid-June, the price of Bitcoin turned down from the level of $ 41,335 and this Monday it has done so from $ 41,500. Then in round numbers that’s where the resistance is, at $ 41,500. In theory, a close of the candle loosely above would trigger an important signal of strength.».
The price of Bitcoin recovers!
In short, Bitcoin has returned to the positive sign and recovering the barrier of $ 39,000 after having fallen below $ 38,000 and after marking a milestone not seen since May just before closing July. The price skyrocketed to $ 42,500 and various network activity data is sending clearly bullish signals.
For its part, Bitcoin is currently navigating two major forces:
- Institutional adoption. The main companies are developing their own cryptocurrencies and Blockchain products.
Indeed, these two forces may seem contradictory, but both are positive developments for the crypto industry.
BTC gains value while still under discussion in the Senate
So, some cryptocurrencies have gained value in recent hours, while an amendment to the infrastructure bill is being discussed in the US Senate. To have a part rewritten in which it refers to the information requirements for cryptocurrency transactions.
However, in many cases, increased regulatory oversight actually indicates maturity in the markets.
Specifically, three US senators drafted an amendment proposing to exclude certain cryptocurrency companies from the disclosure requirements for brokers.
Senators Ron Wyden, Cynthia Lummis and Pat toomey They asked for some exceptions to what the bipartisan plan on infrastructure refers to. That protects miners and Blockchain companies.
Most likely, this bill will be approved as early as September. Well, the US Senate goes into recess on August 9.
Understand the cryptocurrency market
Historically, the cryptocurrency market has been a volatile kingpin for investors. Many of them fear volatility.
In particular, the secret when trading cryptocurrencies is risk management, and the basic rule of thumb to become a successful trader is to trade smartly and responsibly. Especially in a market like cryptocurrencies, where movements can be volatile.
It should be quite clear that all our publications are informative. Therefore, in no case should they be followed as investment advice.
To finish, a busy week, but looking at the results, it’s worth it, uptrend for Bitcoin, will we exceed 42k, this weekend? Leave your opinion in the comment box.
I retire with this phrase from Nassim Taleb: «Bitcoin is the start of something great. A currency without government, something necessary and imperative».