Bitcoin Price Analysis: Prepare for what is coming

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.Bitcoin Price

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 after making a quick trip below $30,000, is now trending above $37,300 after a quick return from above $40,000 mark. Let’s get the discussion to the price chart. bitcoin

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.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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