Bitcoin price corrects after rising above $42,400

In the night of July 31, Bitcoin prices rose from around $39,000 to $42,411 (Bitstamp) in a matter of hours.

Trading volume surged.

As of writing, the price had corrected. The asset trades in a sideways channel near the $41,800 level.

Over the last 24 hours, digital gold rose 7.4%, according to CoinGecko. Of the top-10 by market cap, the best performer was only Polkadot’s DOT.

Over a seven-day span, Bitcoin’s price rose 25% and outpaced all leading altcoins.

The Fear and Greed Index moved into the green zone at 60.

On July 20, the price of the first cryptocurrency fell below the $30,000 mark, but then almost recovered the drop.

In this context, Bloomberg Intelligence senior commodity strategist Mike McGlone predicted that Bitcoin’s price is more likely to return to $60,000 than to fall to $20,000.

Meanwhile, most participants in a Santiment poll on Twitter believe Ethereum will break $3,000 faster than Bitcoin will break $50,000.

#Bitcoin‘s current market value ~$40,000#Ethereum‘s current market value ~ $2,420

🤔 Which price cross comes next?

— Santiment (@santimentfeed) July 30, 2021

Earlier in the week, the leading cryptocurrency reached $39,900 after reports of possible backing for the asset by online retailer Amazon. However, prices retraced after the denial of the news.

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