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    Baxia Markets
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    August 05, 2021

    Bitcoin fails to break through $40,000

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    After Wednesday’s rally, Bitcoin has been up and down from people securing profit and selling. Although briefly trading above $40,000, most of the time it remained in the $38,000 to $39,000 level. Having faced rejection at $40,000 early Thursday, bitcoin, the top cryptocurrency by market value is currently trading near $39,000. The 4% drop has nearly reversed Wednesday’s rally from $37,500. 

     

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    Meanwhile, the coin appears primed to near an inflection point soon -- its 100-day moving average, its latest price, and its 50-day moving average appear likely to converge. Bitcoin fell as much as 6.1% during New York trading hours on Thursday to $37,326. That’s its lowest level in more than a week. It snapped a three-day losing streak Wednesday. The Bloomberg Galaxy Crypto Index, which tracks some of the biggest digital assets, fell a similar amount. Bitcoin has since bounced back, at $39,756. The dance with $40,000 is still continuing.

     

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