Baxia Markets
August 06, 2021

Bitcoin fails to break through $40,000

fundamental analysis top header -01


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. 




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.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 

Subscribe by Email