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Bitcoin (BTC) has begun August on a bullish footing as the primary cryptocurrency extends its weekly gains to 15% and favorable conditions.
BTC hit $42,600 a few hours ago, its highest point since May 20, although it failed to secure its position above the $42,000 level and currently trades around the $41,400 level.
The recent mild correction comes partly from profit-taking actions by traders across the market. Meanwhile, the People’s Bank of China (PBOC) has reaffirmed its position to keep regulatory pressure on the cryptocurrency industry, which contributed to the current correction in the primary cryptocurrency.
Nonetheless, renewed bullish momentum around BTC remained unabated amid increased institutional demand and Adoption in financial transactions. This development comes after Bloomberg reported that Germany rolled out a new law, which comes into effect August 2, that would allow institutional funds to hold as much as 20% of their assets in cryptos.
The recent boost in the cryptocurrency received an additional boost from rumors that Amazon had plans to begin accepting cryptocurrencies as payment. However, the logistics giant has denied the rumors. Regardless, the cryptocurrency continued to post bullish gains.
Key Bitcoin Levels to Watch — August 1
After a sharp increase from the $38,500 on Saturday, the primary cryptocurrency finally snapped the $40,000 barrier and touched the $42,400 level before retreating to the $41,000 round figure. However, bulls forced another mild price rally, sending BTC to a six-week high of $42,600.
While consolidating appears to be setting in, we believe that bulls still have fuel in the tank, and subsequent bullish rallies are likely in the near term. That said, any bullish move from the current price should get arrested by the critical $41,000 level, where a confluence of technical levels (support line, pivot zone, and 50 SMA).
Meanwhile, our resistance levels are at $41,000, $40,500, and $39,500, and our key support levels are at $42,000, $42,600, and $43,000.
Total Market Capitalization: $1.66 trillion
Bitcoin Market Capitalization: $780.4 billion
Bitcoin Dominance: 47%
Market Rank: #1
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