Bitcoin price on July 26, 2021

Bitcoin (BTC)

Reaches $40,000 – Bulls regain a symbolic level, but analysts and traders remain cautious about the continuation of today’s strong rise, July 26, 2021. Some even continue to anticipate yet another drop to $29,000. The bulls are dancing in the markets, but the bears are waiting for their turn to come out in the next few days.

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The 29,000 still in play, despite Bitcoin at $40,000

Bitcoin is crossing $40,000. It is trading at $40,316 on Bitfinex at the time of writing and is currently recording an impressive daily gain of 17.24%. Bitcoin will close its 6th consecutive day in the green in a few hours. The bulls have regained control of the markets after Bitcoin’s price dropped below $30,000 on July 20, 2021.

Minutes before Bitcoin broke through that psychological $40,000 level, trader Michael van de Poppe, said on Twitter that Bitcoin was “still showing strength” as it approached the final resistance area before $40,000. He expects lows in the $34,500 – $36,000 range for the next few weeks unless the bulls manage to break through the $41,000 line.

<img width=”412″ height=”507″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20412%20507’%3E%3C/svg%3E” alt=’Bitcoin remains strong as it approaches $40,000. Michaël van de Poppe gives BTC’s next key levels” /><img width=”412″ height=”507″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/07/26JUIL-vandepoppe.png” alt=’Bitcoin remains strong as it approaches $40,000. Michaël van de Poppe gives BTC’s next key levels” />Post by Michaël van de Poppe – Source: Twitter

Crypto trader Ed is much more cautious. He doesn’t rule out a return to around $29,000 in line with his previous predictions and based on the Elliot wave and that’s even if Bitcoin went above $42,000.

<img width=”413″ height=”493″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20413%20493’%3E%3C/svg%3E” alt=’Bitcoin at $40,000: Crypto Ed doesn’t rule out a return to $29,000 for BTC.” /><img width=”413″ height=”493″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/07/26JUIL-ed1.png” alt=’Bitcoin at $40,000: Crypto Ed doesn’t rule out a return to $29,000 for BTC.” />Publication by Crypto-Ed – Source: Twitter

Crypto Ed does, however, hint at an invalidation of price floors in the $26,000 – $27,000 area mentioned in its previous analysis, if bulls break the $41,500 – $42,000

. <img width=”413″ height=”292″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20413%20292’%3E%3C/svg%3E” alt=’The 42,000Les 42 000 $ sont un niveau clé pour invalider les prix planchers sous les 29 000 $, selon Crypto EdThe daily RSI(

14) is at 70, a logical value confirming the bulls’ control of the markets on a daily

basis.

The weekly RSI(14) is still in a neutral zone though. Technically, we should still expect corrections and further testing of levels below $40,000 in the coming days.

The continuation of the current short-term rise is threatened by the gains in the dollar (DXY), so the greenback could put pressure on the markets.

<img width=”414″ height=”342″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20414%20342’%3E%3C/svg%3E” alt=’Crypto Ed expects dollar (DXY) gains to threaten Bitcoin’s price in coming days.” /><img width=”414″ height=”342″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/07/26JUIL-eddollar.png” alt=’Crypto Ed expects a rising dollar (DXY), a threat to Bitcoin’s price in the coming days.” />Publication by Crypto Ed – Source: Twitter

Crypto Ed expects it to make a local high at the 94 before a bearish reversal. DXY currently stands at 92.65.

The bulls managed to turn the corner after Bitcoin’s overnight explosion

that brought it close to $40,000. The next 24 hours will give an idea of the extent of the “logical and normal” correction that follows major increases.

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