Bitcoin has quickly surged to test resistance at $40,000 for the very first time this month.
The price of Bitcoin has surged more than 10% over just a few hours previously today, with rates rapidly surging from about $35,000 to $40,000 on July 26.
Price action shows a fierce short squeeze that occurred as prices broke above $35,000, with bullish momentum unexpectedly accelerating as prices rapidly rallied 15% from about $34,000 to $39,800 throughout less than three hours.
By comparison, BTC had taken the past 5 days to acquire from approximately $30,000 to $34,000. As of this writing, Bitcoin is altering hands for roughly $38,500.
According to CoinMarketCap, Bitcoin is the leading gainer for the past 24-hour among the top 30 crypto possessions by capitalization, showing a gain of nearly 13%.
The sudden rally has seen various technical indicators go back to supplying bullish signals, preferred analyst, Lark Davis, telling his 426,000 followers that BTC’s price is once again trending above its 50-day moving average.
Polkadot and Chainlink are likewise among the day’s top gainers, each having increased by greater than 11% in the past 1 day.
With Dogecoin up less than 9% for the day, it would show up the effect of Elon Musk’s Twitter account on the meme-coin’s markets is beginning to wind down, with Tesla’s CEO posting a meme insisting that “Dogecoin is money” on July 25.
Despite Musk’s efforts, Dogecoin appears to have moved in lock-step with the more comprehensive altcoin markets, with many large-cap crypto assets having posted high single-digit gains for the day.
Despite next month’s imminent London upgrades for Ethereum, Ether is likewise dragging the pack, publishing a gain of about 7% for the past 24-hour.
Therefore, ETH is the weakest-performing cryptocurrency placed amongst the top 10 by capitalization for the past day.