Bitcoin news - Amazon rumors lead longest winning streak for 2021 from 30K to 40K

While at 20.07.2021, the price of Bitcoin reached below $30000 (approx 29260), it seems that from then on, and starting from 21.07.2021, a strong support level has been formed.

The $30000 support level is now way back with a 7 day rally moving upwards and in some cases even passing the $40000 level (26 and 28.07.2021). Even though there has not been a significant price movement and having 7 days winning streak closing with higher highs, volatility seems not to be kept low and not so significant.

After a period of uncertainty, having as a result a downward movement since the middle of May, due to China’s banning Bitcoin mining, the BTC price seems to be building up its momentum once again. Fundamental news and mass adoption of cryptos are still positive, while the latest rumor in the market refers to Amazon and its plans to accept Bitcoin as payment or even buy cryptocurrencies, similar to the ‘’Tesla effect’’. Officially, Amazon denied the fact of accepting cryptos as payment method. Big funds, like Ark Invest continue to add Bitcoin to their portfolios.

Certain key price support levels as per Fibonacci’s analysis to keep in mind: There is a strong support line at $30000, while the 61.8% Fibonacci level is apprx at $27000. With the recent uptrend, the price passed over the 50 EMA on the BTC daily chart, and 38.2% Fibonacci level is at $41355. For the moment, we are waiting for a strong confirmation and closure above the 100 and 200 EMA levels which are at $34340.