Bitcoin was flourishing and anticipating nations and banks but Elon Musk’s concerns and China’s FUDs halved the price of this potential asset. China’s crackdown against cryptocurrency continues and miners had to move their tons of mining rigs out of the country.
Bitcoin Price Analysis: Fundamental Analysis
Elon Musk had environmental concerns over increasing the consumption of electricity for mining and withdraw the decision of accepting Bitcoin as a payment method for Tesla. In The B Word conference, the Tesla owner said, “Most likely the answer is that Tesla would resume accepting Bitcoin”. This is the apparent reason for the recent pump of bitcoin we are witnessing.
From a sentiment point of view, Bitcoin Social Volume has shown a significant spike on July 21, 2021, which shows the huge mentions of #Bitcoin on social media platforms. The more a coin is talked about, inspires more traders get into the trade.
Bitcoin Price Analysis: Technical Analysis
Bitcoin price was in a downtrend and after the B-Word Conference, the price rally broke the previous trend line and local resistance of $32936. The price rose to $40500 and after that, we move to the bigger upper resistance of redline but due Amazon denial of Bitcoin Acceptance, it started to fall swiftly. If the price breaks above, then the price can strengthen in the uptrend.