Market Wrap: Bitcoin Expected to Pause Before Next Rally
- Date: 29-Jul-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Market Wrap: Bitcoin Expected to Pause Before Next Rally
Bitcoin buyers are in profit-taking mode as the cryptocurrency tests the $40,000 resistance level. Sentiment has significantly improved over the past week, although some analysts think it's time for a pause before another leg higher.
"BTC easily broke through $35K, but I think it will probably have a harder time going through $40K this time," Justin Chuh, a senior trader at Wave Financial, wrote in an email to CoinDesk.
"Miners & sellers are coming in to cash out once more and buyers unable to push it higher after absorbing that hit," Chuh wrote.
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